U.S. billionaire Rocco Commisso completes purchase of Serie A team Fiorentina

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Rocco B. Commisso wearing a suit and tie: New Fiorentina owner Rocco Commisso

American entrepreneur Rocco Commisso has completed his purchase of Serie A team Fiorentina.

A year after failing to land a controlling stake in AC Milan, Commisso, who was born in Italy, has agreed to buy one of the Milan's top-flight rivals from the Della Valle family.

Commisso, 69, is also the chairman of the New York Cosmos of the North American Soccer League. He announced the deal – worth a reported €160million (approx. $180.1 million) – on Thursday to usher in a new era at the Stadio Artemio Franchi.

"I am forever a fan of Italian football and there are no words to describe how incredibly honored I am to have the opportunity to contribute to write the next chapter in the story of a legendary club like Fiorentina," Commisso, chairman and CEO of Mediacom, said in a statement.

"Florence is known across the entire world as a city that represents the best of Italian culture. In these three years of contact to acquire the club, I've developed a deep understanding of how important La Viola is for this city and its fans.

"I would like to thank the Della Valle family for managing Fiorentina for the past 17 years. Diego and Andrea deserve great honors for saving this club from financial instability. They leave a strong foundation to build the club on."

Unfortunately for the club's fans, financial stability hasn't translated into success on the pitch.

Fiorentina finished 16th in Serie A last season and has not won any major honors since lifting the Coppa Italia in 2001.

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