Telecom Italia exits Luna Rossa; Prada becomes sole shareholder

According to Il Sole 24 Ore Radiocor, Italy's main financial news network, Telecom Italia, Italy's major telecommunications group, sold its 49% stake in Luna Rossa Challenge 2007 and Luna Rossa Trademark to Prada, the second shareholder of the Italian America's Cup team. Following the operation, Prada becomes the sole shareholder of the team, holding 100% of its capital.

According to the report, Prada bought the remaining 49% of the team for 13 million euros, resulting in a gross profit of 4 million for the telecom group. The sale agreement was signed in September 2008 and its deadline was the 15th March 2009. The article doesn't specify when the sale took place.