Three private equity groups have submitted final bids to buy a stake in the company that controls the media rights to Italy’s Serie A. That decision centers on whether team executives want to launch the media business and use private equity investment to help bolster sagging revenues.
CVC Capital Partners submitted a joint bid with Advent and Fondo Strategico Italiano for a 10% stake in the media business that would value it at $1.89 billion. That bid is facing competition from a Bain Capital-led group and a joint-effort made up of U.S. investment firms Fortress, Apax and Three Hills Capital.
Serie A generated roughly $3 billion in revenue during its 2018-2019 season, with about 60% of that coming from broadcast contracts. Fourteen of the 20 clubs must vote to move forward with the sale.