Italian Serie B football club Frosinone has raised €1.5m ($1.9m/£1.3m) through a mini-bond, to support an initiative that will see its Stadio Benito Stirpe home transformed into a community stadium.
Launched last month, Frosinone had hoped the mini-bond would generate €1m in funds, but the club has now made history by becoming the first football team in Italy to raise €1.5m via a mini-bond.
Frosinone worked with sports investment platform Tifosy on the initiative.
The upgrade project at the stadium will include the addition of restaurants and bars to help improve the matchday experience, in addition to shops, fitness and healthcare facilities for the use of the local community.
Frosinone may be the first club in Italy to raise funds this way, but the team was inspired by English League Two outfit Stevenage, which, also with the backing of Tifosy, last year raised £600,000 for a new all-seater stand at its home stadium.
Fausto Zanetton, founder and chief executive of Tifosy, said: “Frosinone has shown other clubs a model that will completely transform the football landscape.
“Clubs and fans working together for a common goal can make a real difference to the sport we love. Clubs need to make their fans partners, not customers.
“I am proud to be involved in this historic initiative, launching the first mini bond in Italian football to help Frosinone Calcio create a home for the community, which is an investment in their future.
“It is testament to the commitment and passion of the fans and the togetherness of the Frosinone community that this raise has been so resoundingly success.”
Image: Arch Enrico Renzi