Joseph Portelli drops interest in Nocerina Calcio

Ħamrun Spartans president took decision after receiving the results of the due diligence process

Ħamrun Spartans president Joseph Portelli has decided to withdraw his interest in buying Italian Serie D side Nocerina Calcio.

Italian media on Tuesday published a letter signed by Portelli’s lawyer, in which he informs top officials of Nocerina Calcio that he is ending his interest in acquiring the Italian club.

On Monday, Times of Malta had reported that Portelli was having second thoughts on his plans to acquire Nocerina Calcio after media reports said that negotiations with the Italian club had reached an impasse.

On Tuesday afternoon, it was confirmed that Portelli had informed the Italian club that he had pulled out of the deal.

“I would like to thank you for your availability and the collaboration shown during the due diligence process regarding the potential acquisition of your club,” Portelli’s lawyer, Mario Fogliamanzillo, wrote.

“After a thorough evaluation, we have attentively evaluated all the elements that have appeared on the economic, financial, legal, and operational profile of the club.

“In light of the complicated results attained, we are sorry to inform you that we have decided not to pursue the operation to buy the club.

“The decision has been taken following internal strategic evaluations, and we have no intention to devalue your organisation and the work carried out.”

Portelli had made no secret of his intention of buying an Italian club, and after having a bid to buy another Serie D club, Siena Calcio, turned down, it looked as though he had his eyes set on taking over Nocerina.

Earlier this year, Portelli and his fellow associates had travelled to Italy to hold face-to-face discussions with the club officials and also watch the team play a Serie D match.

His presence at the stadium was met by a lot of enthusiasm from the club fans who are desperate to have more ambitious owners.

However, Tuesday’s communication has brought to an end Portelli’s interest in the club.