MutualFundWire.com: Will an Empire State Fundster Buy an Italian Soccer Team?

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Will an Empire State Fundster Buy an Italian Soccer Team?

An Italian-American billionaire fundster in Westchester is reportedly bidding for an Italian soccer team.

Mario J. Gabelli
Gabelli Asset Management Company
Chairman, CEO

Mario Gabelli, founder and CEO of Gamco Investors [profile], "has expressed interest in acquiring AC Monza," Foot Italia reports. Bloomberg reports that Gabelli has made an offer that values AC Monza at as much as $66 million, citing unnamed sources. The football club is currently owned by Fininvest, the holding company of late Italian Premier Silvio Berlusconi.

"It's a very interesting project that's in the hands of a young analyst I trust greatly, Alec Boccanfuso," Gabelli reportedly told La Gazzetta dello Sport. "We usually don't invest in private companies, preferring those listed on the stock exchange, but in this case, we think it could be a good opportunity."

Perhaps it would be Gamco, and not Gabelli himself, that would potentially buy AC Monz. Gabelli reportedly told La Gazzetta, "It's a fund project that won't see me as the main protagonist." He also noted that Gamco already has stakes in several other sports teams, including the Atlanta Braves (baseball), Manchester United (soccer), the New York Knicks (basketball), and the New York Yankees (baseball).

Boccanfuso is a Gamco sports investment analyst.

"I produced a report on European football for a potential investment," Boccanfuso reportedly told La Gazzetta. "After extensive research on the Italian market, we identified Monza as the perfect target and subsequently made contact with Fininvest."

Printed from: MFWire.com/story.asp?s=68083

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