Avenue Capital has emerged as the leading contender to acquire a minority stake in the company responsible for international media rights for Italy’s Serie A football league, in a deal that could value the venture at €3.2bn, according to a report by Reuters.
The New York-based private markets investor is seeking a 10% holding for €320m, according to unnamed people familiar with the process. Its proposal is reportedly gaining traction despite competing offers with higher headline valuations, partly because Avenue is offering a straightforward equity investment without additional protections over future cash flows.
A consortium comprising Carlyle and Nextalia has reportedly offered approximately €650m for a stake of around 17%, implying a valuation of €3.75bn.
Serie A clubs are reviewing the competing proposals, with Avenue’s bid expected to receive further consideration in the coming weeks. Any transaction requires approval from at least 14 of the league’s 20 clubs, and no final decision has been made.
The proposed investment vehicle would hold the league’s international broadcasting, sponsorship and betting rights. Serie A generates approximately €250m annually from international media activities, leaving scope for growth as the league seeks to strengthen its commercial position against rivals including the English Premier League and Spain’s LaLiga.
