Serie A closes in on new money with Bain Capital throwing €3bn offer into the pot

June 15 – Serie A has a second offer of private equity investment as the Italian league battles to find cashflow solutions to alleviate the drying up of broadcast and sponsorship revenue die to the coronavirus pandemic.

Boston-founded US investment firm Bain Capital, which has 19 offices worldwide, is reported by Bloomberg as having made a €3 billion (US$3.4 billion) preliminary offer for a 25% stake in the league.

Bain describes itself as a “private multi-asset alternative investment firm” and has about $105 billion of assets under management.

The valuation of Serie A will be predominantly on its broadcast rights which make up 60% of the league’s centralised income, about $1.5 billion annually.

Before it can proceed with any formal discussion Bain will likely have to wait for the expiration of an exclusive negotiation window at the end of June. Serie A had already entered a six-week period of exclusivity with CVC Capital over a potential $2.5 billion for a 20% stake in the league – an offer again centred around media rights.

In that deal CVC is reportedly seeking a ten-year contract with Serie A from the 2021/22 season.

The league have also reportedly been in talks with another US private equity group Blackstone over a loan to clubs.

Serie A is set to resume play on Wednesday with the final of the Coppa Italia, with the league to reopen this weekend. The league and government are working on plans for a potential partial return of fans to stadia by mid-July.

Coca Cola deal

Separately the league has unveiled Coca-Cola as an official league sponsor from the start of the 2020/21 season, expanding a deal it already had for the Coppa Italia. The new sponsorship will be worth €5 million per season and will focus on digital activation.

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