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Tuesday, August 18, 2009

Preliminary Agreement is Signed by Vincenzo Matarrese and Timothy Barton for the Purchase of AS Bari by JMJ Holdings of Dallas, Texas


Image courtesy of AS Bari.

This afternoon (18 August 2009) on the AS Bari web site, the following statement was released. Along with smiling pictures of Dott. Vincenzo Matarrese and Mr. Timothy Barton.
Vincenzo Matarrese e Timothy L. Barton hanno sottoscritto il preliminare di accordo per il trasferimento della proprietà dell’As Bari al gruppo americano JMJ. Le parti hanno altresì concordato che la stipula dell’atto pubblico di vendita avverrà entro la data del 31 ottobre 2009 a conclusione della procedura di ‘due diligence’.

Dopo tale data Timothy Barton assumerà la carica di presidente. Lo stesso Timothy Barton ha invitato il presidente Vincenzo Matarrese a proseguire, fino all’atto definitivo di vendita, nella guida della Società come avvenuto finora assicurandogli pieno appoggio anche attraverso relazioni dirette.

Vincenzo Matarrese è rimasto favorevolmente impressionato dalla serietà e concretezza con cui Timothy Barton ha condotto la trattativa, cogliendo nel suo volto l’entusiasmo giusto a garantire serenità alla tifoseria barese. Quegli stessi sentimenti a cui il presidente Matarrese ha sempre destinato il suo grande impegno. Con queste premesse hanno deciso di sentirsi spesso fino al passaggio delle consegne.
Italian Source: AS Bari, 18 August 2009.
"Vincenzo Matarrese and Timothy Barton have signed the preliminary agreement for the transfer of the AS Bari club to the American firm, JMJ Holdings. The parties have reached an accord that stipulates that the public sale will occur by the date of 31 October 2009 at the conclusion of the 'due diligence' process.

After such a date, Timothy Barton will assume the role of President. The same Mr. Barton invited current President Vincenzo Matarrese to proceed, until the definite act of a sale, as the head of the club as he has up until now assuring him full support also through direct dealings.

Vincenzo Matarrase has remained favorably impressed by the seriousness and clarity with how Timothy Barton conducted the deal, struck by the look in his face with the proper enthusiasm to guarantee serenity to the Bari supporters. These same feelings are the same as President Matarrese has always given to his life's work. With these statements, they have decided to communicate frequently until the passage of the deal."

Unofficial translation by Steve Amoia.
Comments by Mr. Barton
“This is a fantastic opportunity,” said Barton. “The Bari fans are passionate about their team and with new management we hope to grow this franchise into one of the most successful and competitive in Europe. We have been working very closely with the family to ensure a smooth transition and both parties are supportive of a positive outcome for the team.”
Source: AS Bari, 18 August 2009.

Mr. Barton noted that he hopes to wrap up the deal in the next 30 days. According to La Gazzetta dello Sport, the deal was worth €25 million with 4 million to be tendered at the end of due diligence. The new Administrative Delegate for AS Bari will be Alessio Mora, who already worked for JMJ Holdings in their European operations. He was also the one who alerted Mr. Barton that Bari was for sale.

First American Ownership in Serie A

At the completion of the due diligence process, JMJ Holdings will become the first American firm to own a Serie A side. Recently, Oguchi Onyewu became the first American to sign for AC Milan.

I have written something especially for Mr. Barton of JMJ. :-)
All the best wishes to JMJ Holdings as they enter the passion of Italian calcio. My grandparents were born and raised near Bari, and I'm very pleased to read the news of this deal.

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