When, in a recent interview, Rocco Benito Commisso he affirms There is no one here, no one like me (perhaps forgetting the legal and fiscal domicile shared in Delaware with Milan, Venice and Rome) shows modesty and diplomacy but proudly renders accounts. Fiorentina has no financial debts with anyone, it can count on a net worth of 153 million, on one shareholder, that is, him, who paid 75 million directly into the coffers (only last year ) plus another 25 million with the sponsorship of Mediacom Communications which is still his. And now that Vlahovic is leaving Fiorentina’s Franchi for Juventus’ Allianz, fewer balls will enter the net (maybe) but 75 million in cash (that’s for sure). As happened with the 60 million for Federico Chiesa.

Juve hated

always the hated Juventus of Agnelli-Elkann the counterpart of the best offers. Commisso’s American football seems like a mix of heart and reason, passion and programming. Collect and save. But then to invest, not to plug holes. Even the name of the club was changed last month, without too much publicity: Acf Fiorentina spa became srl. Raison? Rationalization of the social organization written in the deed of December. The srl is cheaper, more ductile and flexible, traditionally more “masterful” but less suitable for partnerships and not at all for listing on the stock exchange: in Serie A the legal form of Salernitana, Sassuolo, Spezia Venezia and, now, also Fiorentina.

Safe and less debt

It’s two and a half years since the entrepreneur, born 71 years ago in Calabria in Marina di Gioiosa Ionica, took over Fiorentina with his private holding Jmcc Corporation from Delaware, immediately pushing the project for the new stadium, thundering against the bureaucracy. , arguing with sports prosecutors and with some fellow presidents. A period during which, at the same time, he considerably reduced the debt of Mediacom Communications, the fifth American cable operator with 2.1 billion dollars in turnover (2020) and 1.3 billion in debt in the September 30, 2021.

The mystery of the 4 billion

And he rose through the (more suggestive than scientific) ranks of Scrooge. Forbes with $8.4 billion in estimated assets placed him 98th out of America’s 400 billionaires in 2021, far ahead of both AC Milan boss Paul Singer and Roma boss Dan Friedkin. accredited by about half. No need to ask where 4 billion come from in one year when in 2020 Commisso was at 4.5 billion: you have to take the ranking of the rich like that, with a little desire and without asking too many questions. After all, from 4 to 8 billion it changes little, from 0 to 4 it would be another story. However, the president violates according to the Bloomberg Billionaires Index, still with 8.4 billion, at number 291 with Silvio Berlusconi at 292.

Financial statements and brochures

To understand, in practice, how “strong” Commisso is, one must always look at Mediacom Communications Corporation. The accounts of the American group, which provides data, video and telephony services to 1.5 million homes and businesses in 22 states, are published quarterly on the website. But these are mostly press releases, brochures, nothing to do with actual financial statements. These, apparently, are neither available nor contactable. And the reason could be this: all Commisso companies are headquartered in Delaware (including Mediacom Communications Corporation which has offices in New York where it claims to be headquartered). This, in addition to guaranteeing legitimate tax advantages, allows us to maintain high confidentiality. Unlisted Mediacom, Delaware has anything but strict transparency regulations and so everything is in order. They do it in many international bands. After all, Commisso has only one shareholder to whom it must answer directly: itself.

The good debtor and the unknown lenders

Then, of course, there are the lenders of this 1.2 billion debt, presumably banks and institutional investors, but I don’t know who they are. However, the Italian-American entrepreneur declared having always respected the deadlines, never punctuated the covenants (the financial parameters to be respected under penalty of repayment of the loan). So much so that the rating agency S&P recently rewarded it by raising its rating from BB+ to BBB. What does it mean? That Mediacom is a non-speculative and relatively safe investment even if it is far (eight steps) from the highest degree of creditworthiness. Basically like Italy and a little less than the Agnelli-Elkann brand Exor (BBB+).

A phone

For the investment in Fiorentina, however, Commisso tapped into his personal finance company Jmcc Corporation also rooted in Delaware as a subsidiary of Columbia Soccer Venture, the club’s direct shareholder. In short, Fiorentina is part of the family heritage. Note that the holdings holding Rome, Milan, Venice and Fiorentina are all based in Delaware at the same address in Wilmington (1209 Orange street) with the same telephone number. The accountant himself: The Corporation Trust Company.