New Delhi -°C
Today in New Delhi, India

Nov 29, 2020-Sunday
-°C

Humidity
-

Wind
-

Select Country
Select city
ADVERTISEMENT
Home / Football / Serie A accepts $2 billion offer from equity funds

Serie A accepts $2 billion offer from equity funds

“There are still a lot of checks to be done but we’ve accepted the offer,” Serie A president Paolo Dal Pino said. “We’ve done something unique in a really dramatic time.”

football Updated: Nov 19, 2020, 21:01 IST
Associated Press
Associated Press
Associated Press
Representational image.
Representational image.(File)

Desperate for cash amid the coronavirus crisis, Serie A’s 20 clubs voted unanimously Thursday to accept a 1.7 billion euro ($2 billion) offer from a consortium of private equity funds that will be charged with improving the sale and promotion of the league’s TV rights.

“There are still a lot of checks to be done but we’ve accepted the offer,” Serie A president Paolo Dal Pino said. “We’ve done something unique in a really dramatic time.”

The consortium featuring CVC Capital Partners, Advent International and FSI will control 10% of the league’s new media company.

Once the contracts are signed, the first order of business will be selling TV rights for the next three seasons.

The league also needs to determine how to divide the money between the 20 clubs.

ht epaper

Sign In to continue reading