Carlyle, Bain Capital and Oaktree are among the private equity firms preparing bids for a minority stake in the company that holds Serie A’s international media rights, according to a report by Reuters.
The report cites unnamed people familiar with the process as revealing that Oaktree, which owns reigning Serie A champions Inter Milan, and Italian investment firm Nextalia are also expected to participate in the auction.
Binding offers for the stake are due by 4 September, with investors expected to bid for between 10% and 20% of the business.
The international media venture also encompasses Serie A’s overseas betting and sponsorship activities. It generates approximately €200m in core earnings and could command an enterprise valuation of between €3bn and €4bn, according to the sources.
Serie A, Carlyle, Bain, Oaktree and Nextalia reportedly declined to comment, while adviser JP Morgan reportedly did not immediately respond to a request for comment.
JP Morgan began approaching private equity investors earlier this year as Serie A explored options for bringing external capital into its international media business.
The league has previously attempted to attract private equity investment into its media operations. In 2021, Serie A considered selling a 10% stake in its domestic media business to a consortium led by CVC Capital Partners, in a transaction valued at approximately €1.7bn. The deal ultimately collapsed after the league’s clubs failed to secure the required approval.
Any new investment in Serie A’s media businesses would require the backing of at least 14 of the league’s 20 clubs.
