REUTERS: Private equity firms CVC Capital Partners and Advent International are preparing a joint bid of 1.3 billion euros (US$1.54 billion) for a ...
REUTERS: Private equity firms CVC Capital Partners and Advent International are preparing a joint bid of 1.3 billion euros for a minority stake in Italy's Serie A soccer league, the Financial Times reported https://on.ft.com/31yvOmR on Wednesday.
Looking for ways to lift flagging revenues and weather the coronavirus crisis, Serie A has asked investors to submit bids to buy a stake of up to 15per cent in a newly-created media company that would control its broadcast rights.
Another group, Bain Capital, has also submitted a bid for a stake in the business, while Apollo, Fortress and Blackstone's credit arm GSO have made proposals for debt or hybrid financing deals, sources told Reuters in late July.To secure the deal, bidders will require support from 14 of the league's 20 clubs to set up a new company and if that goes through, 15 clubs must then vote in favour of their offer over that of rivals.
More than half of Serie A revenues come from broadcasting, but it lags the financial heavyweights of England's Premier League, La Liga in Spain and the German Bundesliga. A decision on the bids from Lega Calcio Serie A, the body that runs Italy's top division, is now expected within the next fortnight, the FT said.Source: Reuters
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