Three private equity groups await Serie A decision over 'historic' deal: sources

Three private equity groups have submitted final bids to Italy's top-flight soccer league and are awaiting a decision over a deal that could shake up the country's soccer industry, sources familiar with the matter told

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The Serie A clubs are due to meet on Wednesday to review offers for a stake in a newly-created holding vehicle that will control the league’s broadcasting rights business for the next 10 seasons, the sources said. “This is a historic decision for Italian football,” one of the sources said. “It will take more time and more discussions to select a final buyer but we’re moving in the right direction.

CVC is facing competition from a consortium led by Bain Capital, the sources said, adding that the two proposals differ in structure but not in value. U. S. investment firm Fortress has teamed up with Apax and Three Hills Capital Partners to make an alternative proposal consisting of equity and debt, with little governance control, one of the sources said.

MILAN/LONDON (Reuters) – Three private equity groups have submitted final bids to Italy’s top-flight soccer league and are awaiting a decision over a deal that could shake up the country’s soccer industry, sources familiar with the matter told Reuters.

CVC Capital Partners has submitted a joint bid with Advent and Italy’s state-backed investor Fondo Strategico Italiano, valuing a 10% stake in Serie A’s media business at about 1. 6 billion euros ($1. 89 billion), the sources said.

Wednesday’s meeting is likely to bring clarity on whether the bulk of Serie A executives want to launch a media business and tap into private equity coffers to boost flagging revenues and weather the novel coronavirus crisis, the sources said.

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