MILAN: Serie A clubs are expected to hold a key meeting next week to vote on the sale of a minority stake in a newly-created unit handling the media rights to Italy's top flight soccer league, four sources close to the matter said on Monday.
Last month Serie A granted a consortium including CVC, Advent and state-backed Italian fund FSI a four-week exclusive period to discuss an up to 1.6 billion euro bid for a 10per cent stake in the league's media unit in a deal that would bring outside investors into one of the game's biggest leagues.Over the past few weeks a dedicated Serie A committee and the private equity consortium have been working flat out to fine-tune a whole range of issues, including governance.
The 20 clubs are expected to meet on Nov. 18 to make a final decision on the deal, three sources said, adding that the meeting had not been scheduled yet. Another source said the meeting could be held as early as Nov. 16.Serie A clubs are expected to have a majority of one on the board and would propose who should be the chairman of the new entity, while private equity investors would have a final say in choosing the CEO, the sources said.
Like other sports organisations around the world, Serie A faces a drop in revenue due the impact of the novel coronavirus crisis as matches are played in empty stadiums and broadcasters are expected to cut spending on pay-TV deals. Under the proposed deal, the private equity consortium would split its investment into four tranches, paying 300 million euros at the closing of the deal, a document seen by Reuters showed, providing the clubs with fresh resources to shore up their finances.
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