Serie A boss De Servio pegs club losses at €500m and counting

September 29 – After the government rejected Italian football’s proposal for more fans to be allowed at stadiums, Serie A boss Luigi De Siervo (pictured)  has said that the top flight has lost more than €500 million because of the coronavirus pandemic.

Italian football had pushed for lifting the current limit of 1,000 fans at Serie A matches, but the government didn’t green light the proposal over coronavirus concerns. The decision will further limit matchday revenue for Italian clubs, who have been cash-strapped since the coronavirus shutdown.

“As of now, Serie A is experiencing a shortfall of more than €500 million,” Serie A chief executive Luigi De Siervo told state television. De Siero pointed specifically at matchday revenue and a drop in sponsorship deals as reasons for the ordeal the clubs find themselves in.

He said: “The whole system is on the verge of collapse,” and repeated football’s demand to lift cap on football fans at matches.

Serie A enjoys the bulks of its revenues from broadcast deals, but still banks 10% of overall revenue from matchday related income.

The league is negotiating with various private equity consortia to sell a stake in a company it created to handle the league’s broadcasting rights for the next decade and so mitigate the ramifications of the current crisis for the debt-laden clubs. CVC Partners and Bain Capital are among the companies cited as favourites to take up the offer.

Contact the writer of this story, Samindra Kunti, at moc.l1603328641labto1603328641ofdlr1603328641owedi1603328641sni@o1603328641fni1603328641