Seven Italian Serie A clubs set to block media stake sale
by SOURAV D | VIEW 3924
Seven top-tier clubs of the Italian Serie A including Juventus, Inter Milan and Lazio, had vetoed a sale of a 10 per cent stake in the league’s TV broadcasting rights to a private equity consortium, which in effect would prevent the $2 billion deal from taking place, a letter sent to the League’s President Paolo Dal Pino seen by a press agency had unveiled on Tuesday. In point of fact, the Italian Serie A had entered into an exclusive round of talk on October last year with a private equity consortium that involved CVC Partners, Italian fund FSI and Advent International, over sales of a 10 per cent stake in a newly-formed entity which is currently overseeing the Italian League’s media business. Nonetheless, the deal would require approvals of at least fourteen top-tier clubs among twenty to proceed, however, a denial of the deal from seven Serie A clubs as cited in the letter, would effectively block the proceedings, suggested analysts.
Seven Serie A clubs including Juventus, Lazio, Inter rebuff media stake sale
Meanwhile, citing prospects of a better deal than that of the private equity consortium to award Serie A’s domestic TV rights, seven clubs including SS Lazio, Inter and Juventus wrote in a letter to the League’s President Paolo Dal Pino, “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”. Besides, the clubs had requested a vote at a meet as early as on Wednesday to decide on the sale of Italian Serie A’s domestic Television rights for 2021-2024 seasons, however, a press agency report published late in the day had quoted two of the sources as saying that some eight clubs had decided to boycott the meeting which in effect would make a decision impossible, stoking frets of a protracted stand-off over Italian Serie A’s TV broadcasting rights.