Joe Tacopina spent about €13 million to bring Venezia FC back to Serie B.
The president of the club has invested a considerable amount to build a roster able to jump from Serie D to Serie B in the last two years.
A few years before, the American lawyer and businessman had also participated with a US group of investors in the acquisition of AS Roma first and then Bologna. The farewell to the rossoblu has opened the doors of the Lagoon to the ambitious investor from New York.
In the first two seasons, Tacopina poured about €13.5 million in Venezia FC’s coffers. In 2015/16, the €3.5m capital increase made it possible to cover the losses for the year ended on June 30, 2016, and amounted to €3.26m against revenues of €235,000.
While playing in Serie D, Venezia FC’s costs amounted to €3.49m. €507,000 referred to salaries and wages, while €2.3m to services.
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In the financial year ended June 30, 2017, Venezia FC’s revenues increased to €1.63 million, but costs rose as well (€11.35m). In particular, personnel costs have had a significant impact (€7.6m), €6.2 million in salaries and wages. Therefore, the club closed the 2016/17 season, which coincided with the promotion to Serie B, with a loss of €9.75 million. This loss was entirely covered by Tacopina. Over the season, the American lawyer poured €9.9m into the club. The net equity on June 30, 2017, was +€457,000.
The club’s goal is to become financially independent in the coming years and to do so, it needs to reach Serie A or at least to remain in Serie B. By playing in one of these two leagues, Venezia FC could reduce costs and have higher revenue from TV rights. A great youth team and the development of the new stadium are key objectives as well.
