After months of process, Italy’s top football league Serie A has zeroed down on CVC Capital Partners for investments in new media entity. The new commercial entity will manage all media rights assets of Serie A.
According to Italian media, at a league assembly meeting held on Tuesday, 15 clubs are thought to have voted in favour of the proposal involving CVC Capital Partners
CVC has formed an consortium with private equity firm Advent International, and Italy’s state-backed investor Fondo Strategico Italiano to buy stake in the new media rights entity.
The consortium is now expected to hold an exclusive negotiation window of between three and four weeks to finalise an agreement.
The presidents of Napoli, Lazio, Udinese, Verona and Atalanta all abstained in the voting, according to Il Sole 24 Ore Radiocor, the Italian news agency.
The decision sidelines the joint proposal from private equity duo Bain Capital and NB Renaissance Partners, along with a revised bid submitted yesterday by US investment firm Fortress.
Serie A Business : CVC has been exploring investments in various sporting properties
CVC first expression of interest came in the month of May. Since then, a slew of private equity firms have come forward. The interest from CVC came with the company closing in on an investment in the Six Nations rugby union tournament. CVC had been in talks with the Six Nations about acquiring a 14-per-cent stake, although the deal has not yet been completed due to the Covid-19 pandemic.
In 2018, CVC acquired 27 per cent of Premiership Rugby.
The Bain-led proposal was improved ahead of today’s meeting, according to a document seen by Bloomberg. The latest proposal included the acquisition of a 15-per-cent stake in the Serie A media-rights company in an investment worth around €1.6bn.