Serie A clubs give green light to CVC-led €1.7bn investment
The 20 clubs in Italian soccer's top-tier Serie A today voted unanimously for the establishment of a media company in partnership with a private equity consortium led by CVC Capital Partners.
In a statement following the meeting in Rome, Serie A president Paolo Dal Pino told reporters: "The private equity funds are willing to invest €1.7 billion ($2 billion) in this historic moment to have 10 per cent of the media company that will manage the commercial rights of our football. We look forward to reaching a conclusion in the coming weeks."
While financial terms of the offer have been accepted, there remain some tax and legal aspects that need to be finalised.
CVC will hold 50 per cent of the consortium's stake, Advent International 40 per cent and Italian state-backed fund FSI 10 per cent.
Serie A's present three-year domestic rights agreement with pay-TV's Sky and over-the-top subscription service DAZN, worth €973 million per year, expire at the end of this season.