Serie A clubs greenlight €1.7bn bid from private equity funds
November 20, 2020
From Branislav Pekic in Rome
Italy’s Serie A football clubs have unanimously approved a €1.7 billion bid from private equity funds CVC, Advent and FSI for a 10 per cent stake in the media company that will manage and market the TV rights.
However, Serie A president, Paolo de Pino, pointed out that a non-binding agreement regards the financial aspects and that the whole operation is “delicate and complex”.
Discussions will now follow on the technical aspects and the governance structure. According to local media reports, it will take a couple of months to prepare the paperwork and the closing should take place next year.
The agreement will also have to be approved by the relevant regulatory bodies in Italy.
The potential agreement would represent a lifeline for Italian football, coming at a time of deep economic crisis aggravated by the Covid-19 pandemic, with accounts in red and rising costs.
An important factor for the success of the deal will be the auction of the Serie A TV rights for the three-year period 2021-2024, which should be announced on November 23rd.
Meanwhile, Italy’s Council of State rejected a recourse by Sky Italia recourse on exclusive TV rights to football, movies and TV series on the IPTV platform until 2022.