SINGAPORE: If he had his way, Singaporean businessman Joseph Tey would just fly under the radar.
A private person by nature, the 52-year-old prefers to enjoy his bak kut teh or pork rib soup in peace back home.
But thousands of kilometres away in the Italian port city of Genoa, Tey is starting to draw attention.
It comes with the territory - after all, he's now a majority shareholder and one of the owners of storied Italian football club Sampdoria.
His goal is to revive the flagging fortunes of the side, now in the second-tier Serie B, and get them back in the top flight. But first, he has to ensure they don't plummet any further down the ladder.
Sampdoria, nicknamed I Blucerchiati or "the blue-circled" due to their jersey design, were among the best teams in Europe a few decades ago.
They lifted the Coppa Italia four times in the space of about ten years, won the Scudetto championship in 1991, and reached the European Cup final the next season, losing 1-0 to Barcelona.
In the years since, the club has had struggles both on the pitch and financially.
After 11 years in the top flight, they were relegated to Serie B at the end of the 2022/23 season; and were on the brink of bankruptcy before former Leeds United owner Andrea Radrizzani and London-based financier Matteo Manfredi swooped in through their Gestio Capital asset management fund.
Tey told CNA he was made aware of the opportunity to get involved with Sampdoria around then, after learning that Radrizzani and Manfredi had taken over the club.
A serial entrepreneur, the Singaporean started out in banking before going on to build and invest in businesses across industries including real estate and biopharma.
"I had a common friend who knew Radrizzani and I called him and said: 'Can you arrange for me to discuss (this) with them?" Tey recalled.
"Sampdoria has its history; has its good fanbase; has the great players (Gianluca) Vialli, (Roberto) Mancini; has won the Scudetto before. I thought it's interesting and there's an opportunity. Why don't I call them and see whether they are interested?"
After an initial conversation with Manfredi, Tey met the duo for the first time about a month later.
Radrizzani has had ties to Singapore - specifically with sports marketing firm MP & Silva, which opened its headquarters here in 2007. The company was eventually ordered by the UK High Court of Justice to wind up in 2018.
"I'm a businessman ... I do my own checks and I make my own calls on that stuff," said Tey.
Even though he considered himself a long-time admirer of Sampdoria, getting involved was also a business consideration.
The fact that the club's debt was already restructured aided his eventual decision, said Tey.
"The (risk-reward return)
"I would not go in if I don't think it was going to be profitable."
Joseph Tey (right) and Sampdoria chairman Matteo Manfredi. (Photo: SW Strategies)
Tey said the initial plan was to take a "significant minority" stake of about 20 to 25 per cent, a figure that would make it worthwhile to get involved.
"If I invest two per cent, I think there's not much point," he said.
He roped in business partners and old friends Pang Sze Khai and Lee Kok Leong, and set up a company - Kickoff Ventures - to invest in Sampdoria.
"We do a lot of business in different fields together ... (When) I have a deal, I tell them," said Tey.
There were also plans for other investors to come in, but this didn't materialise.
According to media reports, one of those linked to Sampdoria was Qatar Sports Investments, the owner of French giants Paris Saint-Germain.
At this point, Tey decided to put in more money.
"We all decided that (it's) a project we want to carry on; we believe in the project," he said. "That's how I ended up from a significant minority to a majority which is now 58 per cent."
CNA understands the total amount invested in Sampdoria, along with Italian partners, was 100 million euros (US$110 million).
Tey eventually bought Pang and Lee out of their stake in the club.
"I don't think this (was) really their cup of tea - they are not hardcore football fans like me."
Two years in, the Singaporean has continued to stay out of the spotlight. He hasn't been involved in many media engagements, if at all, nor done any press conferences.
Tey said keeping a low profile is just who he is.
It's also "by design" that an Italian - Manfredi, currently club president - is the face of Sampdoria instead, while the Singaporean stays "behind the scenes".
"They can deal with the Italians much better - the language barrier, the cultural barrier."
Yet earlier this year, he found himself in the headlines of local Genovese media. This came after a Norwegian outlet questioned Tey, Pang and Lee's motives for getting involved with Sampdoria, by claiming they were involved in running gaming company FUN88.
The article premised this allegation on FUN88's name and logo being registered by an Isle of Man-based company called Mustafar Limited - whose legal owners are Tey, Pang and Lee.
Tey told CNA that he's one of the owners of Mustafar, which owns and has licensed out the FUN88 trademark to independent third-party licensed operators - which then run the betting site in various jurisdictions.
He said he had started out operating FUN88 about 15 years ago.
"Along the way as all these regulations changed, I said I didn't want to get involved in the operator business," added Tey.
Given that he had built up the business and the brand, he decided to trademark and license it out.
He called the whole affair a "non-issue", and pointed to the Italian Football Federation (FIGC) not raising any concerns either.
To date, there've been no reports of authorities responding to the claim.
Tey's main goals are for Sampdoria to return to Serie A and in doing so, achieve financial sustainability.
The club finished seventh in Serie B last season.
But they're struggling now, and in danger of dropping to the third tier of Italian football.
As of Apr 5, Sampdoria are 17th in the 20-team league, with seven matches to go. Four teams are relegated every season: The bottom three immediately drop down, followed by either the 16th- or 17th-placed team depending on their points difference or the result of a play-off.
Two coaches, including Italian football legend Andrea Pirlo, have already come and gone this campaign.
Asked how big a concern relegation was, Tey said promotion to Serie A remains the top priority for the club. Going forward, stability will be key for Sampdoria, he added.
Joseph Tey has a 58 per cent stake in Sampdoria. (Photo: SW Strategies)
Since becoming involved with Sampdoria, he's also learnt to be mindful of how important football is to the locals.
"Football is like a religion to them, almost a second religion. Every Uber driver, every taxi driver, they all have their opinion," said Tey.
"The fans ... they are key (to) the club."
This point has been frequently made to another Singaporean involved with a European football club.
Tycoon Peter Lim bought Spanish side Valencia in 2014 and has come under heavy criticism from fans over the past few years, with protests taking place on a number of occasions.
Earlier this year, Lim's son Kiat, also known as Lim Wee Kiat, took over as president of the club, which currently lie 15th in La Liga.
"I don't want to comment on (Valencia's) footballing performance," said Tey. "I wish him (Lim) the best of luck."
Management control of Sampdoria is largely in the hands of Manfredi and his team, but Tey told CNA he's gotten increasingly involved over time, and works closely with the Italian.
"A lot of the stuff that we work on is the direction that the club wants to take."
One particular passion of Tey's is a data-driven approach to football - which he hopes to implement at Sampdoria.
"With data, we'll probably be able to make better decisions, better recruitment, better scouting, better performance," he said, adding that the club is working with consultants and building in-house capabilities in this space.
Above all, he's a sports fan who's gone from watching matches to owning a majority stake in a club as well-supported as Sampdoria.
And with that, the sense of enjoyment has exponentially increased, the Singaporean said.
"If they do get promoted, it will be a feeling that money can't buy."
Continue reading...
A private person by nature, the 52-year-old prefers to enjoy his bak kut teh or pork rib soup in peace back home.
But thousands of kilometres away in the Italian port city of Genoa, Tey is starting to draw attention.
It comes with the territory - after all, he's now a majority shareholder and one of the owners of storied Italian football club Sampdoria.
His goal is to revive the flagging fortunes of the side, now in the second-tier Serie B, and get them back in the top flight. But first, he has to ensure they don't plummet any further down the ladder.
A HISTORIC CLUB; A BUSINESS DECISION
Sampdoria, nicknamed I Blucerchiati or "the blue-circled" due to their jersey design, were among the best teams in Europe a few decades ago.
They lifted the Coppa Italia four times in the space of about ten years, won the Scudetto championship in 1991, and reached the European Cup final the next season, losing 1-0 to Barcelona.
In the years since, the club has had struggles both on the pitch and financially.
After 11 years in the top flight, they were relegated to Serie B at the end of the 2022/23 season; and were on the brink of bankruptcy before former Leeds United owner Andrea Radrizzani and London-based financier Matteo Manfredi swooped in through their Gestio Capital asset management fund.
Tey told CNA he was made aware of the opportunity to get involved with Sampdoria around then, after learning that Radrizzani and Manfredi had taken over the club.
A serial entrepreneur, the Singaporean started out in banking before going on to build and invest in businesses across industries including real estate and biopharma.
"I had a common friend who knew Radrizzani and I called him and said: 'Can you arrange for me to discuss (this) with them?" Tey recalled.
"Sampdoria has its history; has its good fanbase; has the great players (Gianluca) Vialli, (Roberto) Mancini; has won the Scudetto before. I thought it's interesting and there's an opportunity. Why don't I call them and see whether they are interested?"
After an initial conversation with Manfredi, Tey met the duo for the first time about a month later.
Radrizzani has had ties to Singapore - specifically with sports marketing firm MP & Silva, which opened its headquarters here in 2007. The company was eventually ordered by the UK High Court of Justice to wind up in 2018.
"I'm a businessman ... I do my own checks and I make my own calls on that stuff," said Tey.
Even though he considered himself a long-time admirer of Sampdoria, getting involved was also a business consideration.
The fact that the club's debt was already restructured aided his eventual decision, said Tey.
"The (risk-reward return)
"I would not go in if I don't think it was going to be profitable."
Joseph Tey (right) and Sampdoria chairman Matteo Manfredi. (Photo: SW Strategies)
Tey said the initial plan was to take a "significant minority" stake of about 20 to 25 per cent, a figure that would make it worthwhile to get involved.
"If I invest two per cent, I think there's not much point," he said.
He roped in business partners and old friends Pang Sze Khai and Lee Kok Leong, and set up a company - Kickoff Ventures - to invest in Sampdoria.
"We do a lot of business in different fields together ... (When) I have a deal, I tell them," said Tey.
There were also plans for other investors to come in, but this didn't materialise.
According to media reports, one of those linked to Sampdoria was Qatar Sports Investments, the owner of French giants Paris Saint-Germain.
At this point, Tey decided to put in more money.
"We all decided that (it's) a project we want to carry on; we believe in the project," he said. "That's how I ended up from a significant minority to a majority which is now 58 per cent."
CNA understands the total amount invested in Sampdoria, along with Italian partners, was 100 million euros (US$110 million).
Tey eventually bought Pang and Lee out of their stake in the club.
"I don't think this (was) really their cup of tea - they are not hardcore football fans like me."
STAYING BEHIND THE SCENES
Two years in, the Singaporean has continued to stay out of the spotlight. He hasn't been involved in many media engagements, if at all, nor done any press conferences.
Tey said keeping a low profile is just who he is.
It's also "by design" that an Italian - Manfredi, currently club president - is the face of Sampdoria instead, while the Singaporean stays "behind the scenes".
"They can deal with the Italians much better - the language barrier, the cultural barrier."
Yet earlier this year, he found himself in the headlines of local Genovese media. This came after a Norwegian outlet questioned Tey, Pang and Lee's motives for getting involved with Sampdoria, by claiming they were involved in running gaming company FUN88.
The article premised this allegation on FUN88's name and logo being registered by an Isle of Man-based company called Mustafar Limited - whose legal owners are Tey, Pang and Lee.
Tey told CNA that he's one of the owners of Mustafar, which owns and has licensed out the FUN88 trademark to independent third-party licensed operators - which then run the betting site in various jurisdictions.
He said he had started out operating FUN88 about 15 years ago.
"Along the way as all these regulations changed, I said I didn't want to get involved in the operator business," added Tey.
Given that he had built up the business and the brand, he decided to trademark and license it out.
He called the whole affair a "non-issue", and pointed to the Italian Football Federation (FIGC) not raising any concerns either.
To date, there've been no reports of authorities responding to the claim.
Related:
"LIKE A RELIGION"
Tey's main goals are for Sampdoria to return to Serie A and in doing so, achieve financial sustainability.
The club finished seventh in Serie B last season.
But they're struggling now, and in danger of dropping to the third tier of Italian football.
As of Apr 5, Sampdoria are 17th in the 20-team league, with seven matches to go. Four teams are relegated every season: The bottom three immediately drop down, followed by either the 16th- or 17th-placed team depending on their points difference or the result of a play-off.
Two coaches, including Italian football legend Andrea Pirlo, have already come and gone this campaign.
Asked how big a concern relegation was, Tey said promotion to Serie A remains the top priority for the club. Going forward, stability will be key for Sampdoria, he added.
Joseph Tey has a 58 per cent stake in Sampdoria. (Photo: SW Strategies)
Since becoming involved with Sampdoria, he's also learnt to be mindful of how important football is to the locals.
"Football is like a religion to them, almost a second religion. Every Uber driver, every taxi driver, they all have their opinion," said Tey.
"The fans ... they are key (to) the club."
This point has been frequently made to another Singaporean involved with a European football club.
Tycoon Peter Lim bought Spanish side Valencia in 2014 and has come under heavy criticism from fans over the past few years, with protests taking place on a number of occasions.
Earlier this year, Lim's son Kiat, also known as Lim Wee Kiat, took over as president of the club, which currently lie 15th in La Liga.
"I don't want to comment on (Valencia's) footballing performance," said Tey. "I wish him (Lim) the best of luck."
Related:
Management control of Sampdoria is largely in the hands of Manfredi and his team, but Tey told CNA he's gotten increasingly involved over time, and works closely with the Italian.
"A lot of the stuff that we work on is the direction that the club wants to take."
One particular passion of Tey's is a data-driven approach to football - which he hopes to implement at Sampdoria.
"With data, we'll probably be able to make better decisions, better recruitment, better scouting, better performance," he said, adding that the club is working with consultants and building in-house capabilities in this space.
Above all, he's a sports fan who's gone from watching matches to owning a majority stake in a club as well-supported as Sampdoria.
And with that, the sense of enjoyment has exponentially increased, the Singaporean said.
"If they do get promoted, it will be a feeling that money can't buy."
Continue reading...