Avenue Capital emerges as frontrunner for stake in Serie A media rights venture, sources say
CG•Avenue Capital is leading the bidding for a 10% stake in Serie A’s international media rights venture, offering €320 million and valuing it at €3.2 billion. Serie A clubs will examine the offer further, with no final decision yet.
1. Avenue leads bidding
Avenue Capital is targeting a 10% stake in the company that will hold Serie A’s international broadcasting, sponsorship and betting rights for €320 million, valuing the venture at €3.2 billion. The offer emerged as the best option at an initial review of bids by Serie A clubs on Friday, two people with knowledge of the matter said.
2. Rival offer values venture higher
Carlyle and Nextalia, which submitted a joint bid, offered around €650 million for roughly 17%, valuing the venture at about €3.75 billion, one of the people said. Avenue is in the lead despite the lower valuation because its offer is structured as common equity, without protections on future cash flows sought by some rivals.
3. No final decision yet
Clubs will examine Avenue’s offer more closely in the coming weeks, but there is no final decision. Any deal requires backing from at least 14 of the league’s 20 clubs. The international media unit generates around €250 million in annual sales.
