Apax Partners has renewed interest in investing in Serie A, the Italian soccer league that has been frustrated in efforts to raise new funding this year, according to people familiar with the matter.
None of China Cash Flowed Through the Congo Bank to Former President's Cronies
One person said that the private equity firm is working on a proposal that it could present to the league at the beginning of next year, and they asked not to be identified as discussing confidential information.
After decades of underinvestment a number of investors, including Advent International, CVC Capital Partners and Italy's FSI fund, have already attracted a number of suitors.
One of the people said that an investment by Apax could be different from the deal Serie A has been considering with Advent, CVC and FSI and include a larger debt element. One person said it would have to win over Serie A club presidents, some of whom have become wary about inviting private equity firms in as investors.
The interest of Apax in Serie A goes back more than a year. It had previously considered teaming up with Three Hills Capital Partners in a bid to provide fresh capital to the league, before Advent and CVC seemed to take pole position. It is not known if Three Hills is involved in Apax's current deliberations.
Gabriele Cipparrone is a partner in Apax's technology team and leads the firm's discussions on Serie A. He previously worked for Apax's investment in sports data and technology firm Genius Sports.
The people said that Apax could decide against making an offer, because no final decisions have been made. Representatives for Serie A and Apax didn't want to say anything.
Serie A is home to many global stars of soccer, including Zlatan Ibrahimovic and Federico Chiesa, but its finances have suffered decades of neglect. Revenue, which has been hit more recently by the Covid 19 flu and the loss of a key broadcast contract in the Middle East, totaled 2 billion euros for the 2019 season. The English Premier League generated twice as much, according to Deloitte.
The use of Serie A stadiums was the lowest of the five European leagues in the last full season before the Covid 19 epidemic, according to Deloitte figures for that period. The stadiums, with the exception of a few modernized ones such as Juventus Football Club SpA and Udinese, remain unappealing to many fans. They have had difficulty finding funds and overcoming bureaucracy to remodel, and most are owned by local councils.
None of the Wildfires Are Getting Worse, and One Chemical Company is Reaping the Benefits.