A group of Serie A clubs have moved to block the €1.7 billion deal to sell a stake in the league’s newly created media business.
The deal, agreed in November 2020 after months of speculation, sold a 10% stake in Serie A’s newly created media rights business to a consortium led by CVC Capital Partners and Advent International.
While initially being called “a true turning point for the whole Italian soccer industry” by Serie A CEO Paolo Dal Pino, the deal is reportedly set to miss the necessary level of approvals. According to Reuters, seven clubs – including Champions Juventus – no longer see the sale as viable. The deal needs to be approved by at least 14 of the league’s 20 clubs.
In a letter seen by the news wire sent to Dal Pino, the clubs wrote: “The term sheet submitted to the clubs belonging to the league has not reached a qualified consensus needed for the approval … as things stand, this development opportunity is not viable anymore.”
While the consortium was initially brought on board to enhance the league’s historically low rights valuation and bring in additional revenues, the letter reportedly notes that the current rights tender is better than expected and shows that external influence is not required.
No one broadcaster matched Serie A’s ambitious target of €1.15 billion per season, but a number of reports claim that DAZN is in the driving seat with an offer worth €850 million per season.
The clubs did not rule out further talks with financial institutions, but the report says that they would only be keen on this for the marketing and sales of overseas rights.