Sampdoria shareholder Joseph Tey seeks presidency amid debt negotiations

Joseph Tey, a Singaporean shareholder of Sampdoria, is currently navigating a complex leadership transition and financial restructuring at the club. Despite previous agreements with former president Matteo Manfredi that required Tey to appoint an advisor by July 1st to facilitate the sale of the club, no advisor has been named. This delay suggests a shift in strategy, as Tey appears to be focusing on reorganizing management and seeking the presidency himself rather than preparing for an imminent sale.

To solidify this new leadership structure, Tey is seeking a ‘waiver’ from creditor banks, including Sace. This consent is necessary to maintain existing long-term debt restructuring agreements following a ‘change of control’ clause triggered by Manfredi’s resignation. Without this waiver, creditors could demand immediate repayment of the club’s debt in a single ‘bullet’ payment. To prevent this, Tey is expected to pay approximately 30 million euros to the banks in the coming weeks, covering roughly half of the total debt outlined in the court-approved restructuring plan.