Raptor's Palotta Strikes Deal For New Rome Stadium

Mar 28 2014 | 8:59am ET

Three years after helping buy prominent Italian soccer team AS Roma, Raptor Capital Management founder James Palotta is giving his squad a new home.

Palotta and Roman officials on Wednesday announced plan to build a new stadium for the team, allowing it to move out of Rome's Olympic Stadium, which is nearly 80 years old.

In addition to its age, and the fact that Roma shares it with fellow Serie A competitors Lazio, the Olympic Stadium is seen as too big to compete with newer facilities in the U.K. and Germany, among other soccer hotspots. The new stadium will be about one-third smaller than the current one and won't have a track encircling the playing field.

The new stadium, in the Tor de Valle region of the city, is set to open in 2016.

Palotta, a former star trader at Tudor Investment Corp., bought AS Roma in 2011, along with Junction Investors' Thomas DiBenedetto. Palotta succeeded DiBenedetto as president of the club in 2012.

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