The 2025 takeover of Spezia Calcio by American businessman Thomas Roberts marks a significant moment in the evolving landscape of Italian football, particularly within Serie A. This acquisition, finalized in April 2025, represents the latest chapter in a growing trend of North American investment in Italy’s top football league, where foreign ownership has surged over the past decade. With Spezia now under Roberts’ control, the club joins a roster of eight other Serie A teams with American owners, highlighting the increasing influence of U.S. investors in a league historically rooted in Italian tradition. This 5,000-word exploration delves into the details of the Spezia takeover, its historical context, the motivations behind American investment in Serie A, the challenges and opportunities it presents, and the broader implications for Italian football, all grounded in factual analysis and a critical examination of the dynamics at play.
The Spezia Takeover: A New Chapter Begins
On April 23, 2025, Spezia Calcio officially announced its sale to Thomas Roberts, a long-standing private equity investor and Princeton University alumnus, who acquired the club with personal resources. Roberts appointed Charlie Stillitano, a prominent American soccer executive, as the club’s president, marking a significant shift in Spezia’s leadership. Stillitano, previously known for his role as general manager of the New York/New Jersey MetroStars and as a soccer events promoter, brings a wealth of experience to the role, having organized high-profile pre-season tours for European clubs in the U.S. The takeover was not contingent on Spezia’s immediate promotion to Serie A, as the club was competing in Serie B at the time, having been relegated from the top flight in the 2022-23 season. Instead, Roberts and Stillitano articulated a medium-to-long-term vision to establish Spezia as a “solid” Serie A team, with aspirations to emulate the success of Atalanta, the 2023-24 Europa League winners.
The financial details of the takeover were not publicly disclosed, but the transaction followed a pattern of relatively modest investments in Italian clubs compared to other European leagues. Spezia’s previous American owner, Robert Platek, had purchased the club in February 2021 for a reported 25 million euros ($30.3 million), a figure that reflects the affordability of Italian clubs compared to their English or Spanish counterparts. Platek, a partner at U.S. private equity firm MSD Capital, sold Spezia to Paul Francis’ F32 Holdings Inc. just two months before Roberts’ acquisition, indicating a rapid turnover in ownership. This quick succession of sales underscores the volatility of Spezia’s ownership structure in recent years, a trend that mirrors the broader financial instability in Italian football.
Roberts’ decision to invest in Spezia was deeply personal, rooted in a longstanding relationship with Stillitano, whom he met while playing as a goalkeeper under Stillitano’s coaching at Princeton University in the 1980s. Stillitano, who had joined Spezia’s board earlier in 2025 due to connections with existing club personnel, facilitated the deal after hearing rumors of the club seeking new investors. He reached out to Roberts, who expressed immediate interest, driven by his family’s passion for sports—his children are all athletes, playing soccer or lacrosse—and the allure of owning an Italian football club in the picturesque seaside town of La Spezia. The club’s location, near the scenic Cinque Terre and a port frequented by cruise ships, added a unique commercial appeal, with Stillitano highlighting opportunities for stadium naming rights, concerts, and tourism-related ventures.
Spezia’s existing executive staff, including the sporting director and manager, were retained to ensure continuity, a decision that reflects Roberts’ focus on stability rather than immediate upheaval. This approach contrasts with other American takeovers in Serie A, where new owners often implement sweeping changes to align with their business models. Roberts’ investment, funded personally rather than through his company, Equality Asset Management, signals a commitment to a long-term project, with Stillitano emphasizing the goal of building a sustainable business model around the club.
Historical Context: Spezia’s Journey and the Rise of American Ownership
Spezia Calcio, founded in 1906 by Swiss banker Hermann Hurni, has a rich but turbulent history. The club’s early years were marked by modest success, with a notable achievement in 1944 when, as the 42° Corpo dei Vigili del Fuoco della Spezia, they won the Campionato Alta Italia during World War II—a title officially recognized by the Italian Football Federation (FIGC) in 2002, earning them the right to display a special tricolour badge on their jerseys. Spezia spent much of its history in the lower tiers of Italian football, enduring bankruptcy in 2008 and a subsequent relegation to the fifth tier. The club’s fortunes began to turn under Italian businessman Gabriele Volpi, who owned Spezia from 2008 to 2021, guiding them through the divisions and securing their first-ever promotion to Serie A in 2020.
Spezia’s debut Serie A season in 2020-21 was a remarkable success, as they defied expectations to avoid relegation, defeating giants like Napoli (2-1 away) and AC Milan (home win), and earning draws against Inter Milan, Roma, and Atalanta. However, their second top-flight season in 2021-22 was less successful, and they were relegated in 2022-23, finishing 18th with 31 points. Since then, Spezia has struggled to return to Serie A, finishing mid-table in Serie B in 2023-24 and 2024-25, with their promotion hopes for 2025-26 still alive but uncertain as of May 9, 2025.
The 2025 takeover by Roberts is the third ownership change for Spezia in four years, following Platek’s 2021 acquisition and the brief stewardship of F32 Holdings Inc. in early 2025. This instability reflects a broader trend in Serie A, where financial pressures have made clubs attractive targets for foreign investors. As of May 2025, nine Serie A clubs have North American ownership: Inter Milan (Oaktree Capital), AC Milan (RedBird Capital), Atalanta (Stephen Pagliuca), Fiorentina (Rocco Commisso), Parma (Krause Group), Roma (Friedkin Group), Venezia (VFC Newco 2020 LLC), and Hellas Verona (Presidio Investors), with Bologna owned by Canadian Joey Saputo. This means that nearly half of Serie A’s 20 clubs are under North American control, a stark contrast to the league’s historical resistance to foreign ownership.
American ownership Serie A clubs Spezia takeover 2025
The wave of American investment in Serie A began in earnest in the late 2010s, with AC Milan’s 2018 takeover by Elliott Management marking a turning point. Since then, U.S. investors have been drawn to Italian clubs for several reasons: their relative affordability (Spezia’s 25 million euro price tag in 2021 pales in comparison to Premier League clubs, where even mid-tier teams can fetch over 200 million euros); the potential for commercial growth in a passionate football market; and the allure of owning a piece of Italy’s rich footballing history. The economic fallout from the COVID-19 pandemic further accelerated this trend, as Italian clubs, burdened by debt and declining TV revenues, became more open to foreign capital. Serie A’s domestic media rights deal, valued at 2.7 billion dollars, lags behind the Premier League’s 6.5 billion dollars and La Liga’s 4.95 billion dollars, making investment in Italian clubs a speculative bet on future growth.
Motivations Behind American Investment: Why Spezia?
Thomas Roberts’ acquisition of Spezia aligns with the broader motivations driving American investment in Serie A, but it also reflects personal and strategic considerations unique to his vision. At a macro level, U.S. investors see Italian clubs as undervalued assets with significant upside potential. The affordability of clubs like Spezia, compared to the Premier League or Bundesliga, where ownership rules are more restrictive, makes Serie A an attractive market. For example, Robert Platek, Spezia’s previous owner, was reportedly interested in English club Sunderland in 2019 but opted for Spezia at a fraction of the cost, highlighting the financial pragmatism of investing in Italy.
The potential for commercial growth is another key driver. Serie A’s international TV rights, valued at 370 million euros annually, are dwarfed by the Premier League’s, but investors believe that modernizing clubs’ operations—through improved marketing, stadium development, and global fan engagement—can bridge this gap. Stillitano’s comments about Spezia’s commercial potential, from stadium naming rights to hosting concerts in a tourist-heavy region, reflect this mindset. La Spezia’s location, with its proximity to Cinque Terre and its appeal to cruise ship visitors, offers unique opportunities to monetize the club beyond matchday revenue, a strategy that aligns with American owners’ focus on diversifying income streams.
The allure of Italian football’s history and culture also plays a role. Serie A is home to some of the world’s most storied clubs—Juventus, AC Milan, Inter Milan—and even smaller teams like Spezia carry a sense of tradition that resonates with investors. Roberts’ personal connection to soccer, through his family’s involvement in the sport and his own history as a goalkeeper, adds an emotional dimension to his investment, distinguishing it from purely financial ventures. Stillitano’s relationships with football luminaries like Sir Alex Ferguson, Carlo Ancelotti, and José Mourinho, who offered advice on the Spezia role, further underscore the prestige of owning an Italian club, even one in Serie B.
At a micro level, Spezia’s specific circumstances made it an appealing target. The club’s recent history in Serie A (2020-22) demonstrates its potential to compete at the highest level, while its current Serie B status offers a lower entry price with the possibility of significant returns upon promotion. Stillitano referenced the rise of Como, a Serie A club with a 7,000-seater stadium, as a model for Spezia, suggesting that a well-managed smaller club can achieve sustainable success in the top flight. The ambition to emulate Atalanta, a club that has punched above its weight in Europe under American co-owner Stephen Pagliuca, reflects a realistic yet aspirational goal for Spezia under Roberts’ stewardship.
Challenges Facing Spezia Under New Ownership
While the takeover brings optimism, Spezia faces several challenges that could hinder Roberts’ vision. The first is the immediate task of securing promotion to Serie A. As of May 9, 2025, Spezia sits mid-table in Serie B, with 20 teams competing for three promotion spots (two automatic, one via playoffs). The league is notoriously competitive, with clubs like Parma, Venezia, and Cremonese—also backed by foreign investment—vying for the same goal. Spezia’s recent Serie B campaigns have been inconsistent, with a lack of firepower upfront (averaging 1.2 goals per match in 2024-25) and defensive frailties (conceding 1.5 goals per match) holding them back. Without significant investment in the squad, promotion may remain elusive, delaying Roberts’ timeline for establishing Spezia as a “solid” Serie A team.
Financial stability is another concern. Italian football, particularly in the lower tiers, is plagued by economic challenges, with Serie B clubs often operating on limited budgets. Spezia’s history of bankruptcy in 2008 and its reliance on Volpi’s wealth during his tenure highlight the fragility of the club’s finances. While Roberts’ personal investment provides a buffer, the lack of involvement from Equality Asset Management means that Spezia may not have access to the deep pockets of other American-owned clubs like AC Milan or Inter Milan. Serie B’s TV revenue, a fraction of Serie A’s 970 million euros annually, further limits the club’s resources, making prudent financial management essential.
Infrastructure is a broader issue for Italian football, and Spezia is no exception. The Stadio Alberto Picco, with a capacity of 10,336, is modest by Serie A standards and lacks the modern amenities that could generate additional revenue. Stillitano’s vision of hosting concerts and leveraging tourism is promising, but it requires significant investment in stadium upgrades, a challenge compounded by Italy’s bureaucratic hurdles. UEFA President Aleksander Ceferin’s 2025 critique of Italy’s football infrastructure as the worst among Europe’s top five leagues underscores the systemic obstacles Spezia must navigate to compete with better-resourced clubs.
Cultural integration is another hurdle. American owners in Serie A have faced criticism for prioritizing profit over tradition, a sentiment echoed in fan protests against foreign ownership in recent years. Spezia’s fanbase, while small, is passionate, and any perceived erosion of the club’s identity—such as a focus on commercial ventures over on-pitch success—could alienate supporters. Stillitano’s decision to retain the existing management team is a step toward maintaining continuity, but the long-term success of the takeover will depend on balancing American business acumen with respect for Spezia’s heritage.
Opportunities and the Broader Impact on Serie A
Despite these challenges, the Spezia takeover presents significant opportunities, both for the club and for Serie A as a whole. Roberts’ personal investment and Stillitano’s experience offer a fresh perspective, with the potential to modernize Spezia’s operations. The focus on youth development, a cornerstone of Stillitano’s vision, could position Spezia as a talent incubator, much like Atalanta, which has produced stars like Rasmus Højlund and Giorgio Scalvini. Spezia’s history as a feeder club for Inter Milan in the early 2000s, when players like Goran Pandev and Alex Cordaz came through its ranks, provides a blueprint for this approach.
Commercially, Spezia’s location offers untapped potential. The proximity to Cinque Terre, a UNESCO World Heritage site, and the influx of cruise ship tourists create opportunities for matchday experiences that go beyond football, such as cultural tours and events tied to games. Stillitano’s background in organizing pre-season tours for European giants like Manchester United and Real Madrid equips him to leverage these opportunities, potentially attracting global sponsors and increasing Spezia’s visibility.
The takeover also contributes to Serie A’s growing international appeal. The presence of nine North American-owned clubs in the league has spurred efforts to expand its footprint in the U.S., with Serie A opening an office in New York in 2022 to secure commercial partnerships and boost broadcast revenue. The appointment of Andy Mitchell as managing director of Serie A in the U.S. in May 2023 reflects this strategy, and Spezia’s American ownership aligns with the league’s push to monetize its global fanbase. The 2025 consideration of playing competitive Serie A matches abroad, potentially in Perth, Australia, due to the 2026 Winter Olympics disrupting San Siro’s availability, further underscores this shift toward globalization.
However, this trend raises questions about the soul of Italian football. Critics argue that American ownership risks eroding the cultural identity of clubs like Spezia, which have deep ties to their local communities. The sentiment on X, where users have expressed fears of Serie A losing its “Italianness,” reflects a broader unease about the influx of foreign capital. While financial stability is a clear benefit—Inter Milan’s 2024 takeover by Oaktree Capital rescued the club from a 400 million dollar debt crisis—there is a risk that the focus on profit could alienate fans and dilute the league’s unique character, defined by regional rivalries and passionate supporter bases.
A Critical Perspective: Balancing Profit and Tradition
The Spezia takeover, while a microcosm of American investment in Serie A, invites a critical examination of the broader narrative. On one hand, U.S. owners bring much-needed financial stability and a business-oriented approach that can help Italian clubs compete with their European counterparts. The Premier League’s dominance, driven by foreign investment, offers a cautionary tale: while English clubs have thrived commercially, they have also faced accusations of losing their local identity, with ticket prices soaring and fan protests becoming common. Serie A must avoid this fate, ensuring that the influx of American capital benefits fans as much as it does investors.
On the other hand, the affordability of Italian clubs, often cited as a draw for American investors, is a symptom of deeper structural issues. Italy’s stifling bureaucracy, outdated stadiums, and declining TV revenues have left clubs vulnerable to foreign takeovers, a reality that challenges the narrative of Serie A as a “sleeping giant.” The league’s inability to secure a 20% increase in its domestic TV rights deal in 2021, settling instead for a 13% loss at 995 million dollars per year, highlights the gap between its potential and its current reality. American owners like Roberts can help bridge this gap, but only if they invest in infrastructure, youth development, and fan engagement, rather than treating clubs as speculative assets.
Spezia’s case also raises questions about the sustainability of American ownership in smaller clubs. While giants like Inter Milan and AC Milan have the global brand to attract significant investment, Spezia’s modest fanbase and Serie B status make it a riskier proposition. Roberts’ personal investment mitigates some of this risk, but the lack of institutional backing means that Spezia’s success will depend heavily on his long-term commitment. The rapid turnover in ownership—from Volpi to Platek to F32 Holdings to Roberts in just four years—suggests a lack of stability that could undermine the club’s progress if Roberts’ vision falters.
The Road Ahead: Spezia’s Future and Serie A’s Evolution
As of May 9, 2025, Spezia’s immediate focus is on securing promotion to Serie A, a goal that would validate Roberts’ investment and provide a platform for his broader ambitions. The club’s first home match under the new ownership, against an unspecified opponent on May 3, 2025, marked Roberts and Stillitano’s first visit to the Stadio Alberto Picco, a symbolic moment that galvanized fans. With the Serie B season ongoing, Spezia has a chance to climb the table in the remaining matches, but squad investment in the summer 2025 transfer window will be crucial to bolstering their chances for 2025-26.
For Serie A, the Spezia takeover is a microcosm of the league’s broader evolution. The presence of North American owners in nearly half of its clubs positions Serie A to compete more effectively with the Premier League and La Liga, but it also risks alienating fans if the focus on profit overshadows tradition. The league’s push to play matches abroad, while financially lucrative, could further strain its relationship with supporters, who value the communal experience of attending games in historic stadiums like the San Siro or Stadio Olimpico.