Pallacanestro Varese and Pelligra Group are approaching an agreement for the entry into the share capital of the red and white club by the Australian real estate group. This is what colleagues from prealpina.it. Yesterday, Tuesday 29 November, “a long conversation between the parties at the Masnago sports hall to define the details of the negotiation. Representing the Australian investors was John Caniglia, Ross Pelligra’s right-hand man in Italy, who should join the new Board of Directors once the operation is completed. In recent weeks, Australian investors have carried out the due diligence of the accounts of the red and white company, now we are at the definition of the contractual details”.
“The main bureaucratic obstacle has been overcome with the establishment of Pelligra Italia, an ad hoc company through which the Australian entrepreneur will purchase 45% of the Pall.Varese shares. The investment in the area will be preparatory for making the Cittadella dello Sport project a reality, an estimated investment of 300 million euros which will redevelop the Masnago district around the Franco Ossola stadium area. Once the work is completed, the Pelligra Group will annually allocate to Varese Basketball a percentage of the revenues generated by the real estate complex (which, in addition to the sports facility, includes a hotel, multiplex cinema and shopping centre)”.
“The hope of the red and white club is that “Ross Pelligra can be present after the agreement has been ratified for the match on Sunday 18 December against Trieste, after which in the coming months the technical passages at the level of company law will be defined for the entry into the club of the Australian group and the formation of the new BoD”.
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