James Pallotta, the founder of Boston-based hedge fund firm Raptor Group, is planning to build a 52,500-seat stadium for Italian football club AS Roma.
Financial Times reported that Pallotta, who is also the president and chairman of AS Roma, told a news conference in Rome on Wednesday that the new stadium would take two years to complete and could cost up to $1.4 billion.
Goldman Sachs was hired to arrange with the financing of the project, which would be a mix of bank loans and equity. More financial details will be announced in about two weeks when the project is set to be formally presented to the Rome municipality for planning approval.
With over 20 years of alternative investment experience under his belt, Pallotta launched Raptor Group in 2009. He previously worked at Tudor Investment Corporation as the managing director of its U.S. Equity Securities Group.