McDermott Advises UBI Banca and Istituto Per Il Credito Sportivo on €24.5m Project Finance for New Bergamo Football Arena
MILAN (November 14, 2017) – International law firm McDermott Will & Emery has successfully represented UBI Banca and Istituto per il Credito Sportivo, a specialized state owned financial institution, in connection with the €24,500.000 project financing for the new football arena “Atleti Azzurri d’Italia” in the Municipality of Bergamo.
The transaction was aimed at privatizing the football arena owned by the Municipality and also to support the football club’s needs for investment needed for the refurbishment and transformation of the existing asset in accordance with the UEFA 4 infrastructure criteria.
Given the complexity and the innovative nature of the transaction, McDermott lawyers advised the banks in all matters concerning the transaction.
The multi-disciplinary dedicated team was led by Marco Cerritelli (partner, project finance and infrastructure), supported by senior associate Valentina Perrone. Due diligence on administrative law, corporate and contractual matters was undertaken by associates Anna Vesco and Viola Pannunzio with the assistance of trainee Giulia Alessio. Mario Martinelli (partner, tax) advised the banks on tax related matters.
Marco Cerritelli commented, “We are extremely pleased with the result we achieved and proud to have helped secure such a positive outcome for this interesting and complex transaction. This is a landmark transaction for the financing of sport related assets in Italy and it involved challenging issues, being the first ever project financing applied to the privatization and development of football arenas in Italy. This deal confirms the growing interest for this fairly brand new asset class in our Country and the leading positioning gained by our practice in this field. We are looking forward to replicate this success with similar infrastructure PPP opportunities.
“This deal represents further evidence of McDermott’s first-rate work in the area of infrastructure, and of the firm’s capacity to help public and private clients in realising complex schemes. We would like to thank UBI Banca and Istituto per il Credito Sportivo for the trust they have placed with us – this is a truly innovative project, and we hope it will inspire other football clubs and local authorities,” he added.
The transaction was officially announced in a conference hosted at the “Sala d’Onore” of the Italian Olympic Committee in Rome, with the participation of the Italian Ministry of Sport, Mr. Luca Lotti, the Chairman of the Italian Olympic Committee, Mr. Giovanni Malagò and the CEO of the Italian Football Federation, Mr. Michele Uva.
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