Avenue Capital emerges as frontrunner for stake in Serie A media rights venture
CG•Avenue Capital is targeting a 10% stake in Serie A’s international media rights venture for €320 million, valuing it at €3.2 billion. Clubs will examine the offer further in the coming weeks, and no final decision has been made.
1. Avenue leads bidding
Avenue Capital has emerged as the leading bidder for a minority stake in the company that will hold Serie A’s international broadcasting, sponsorship and betting rights. The New York-based firm is targeting 10% for €320 million, which would value the venture at €3.2 billion.
2. Rival offer and next steps
Carlyle and Nextalia submitted a joint bid of around €650 million for roughly 17%, valuing the venture at about €3.75 billion. Avenue’s offer is structured as common equity, without protections on future cash flows sought by some competitors. Serie A clubs will examine the offer more closely in the coming weeks; any deal requires backing from at least 14 of the league’s 20 clubs.
3. Rights business context
The Serie A international media unit generates around €250 million in annual sales. The league has struggled in recent years to sell its media rights abroad, as broadcasters’ interest dwindled amid a crowded fixture list and the popularity of England’s Premier League.
