Potential for optimising stadium and commercial infrastructure will retain investors' Serie A interest even if private equity sale breaks down

25 February 2021

Photo: alamy The struggle to get the deal over the finish line precisely reveals why it could benefit the league to have a profit-oriented, neutral party negotiating commercial and broadcasting deals. Serie A president Paulo Dal Pino (right) faces the task of managing conflicting club interests.

The postponement of a decision to allow a consortium of private equity firms to invest in Italy's top flight has seemingly put the deal in doubt.

Experts believe the arrangement, which would see CVC, Advent and FSI acquire a ten per cent stake for €1.6 billion, is still likely to go through, but warns of repercussions if it fails.

It's obvious why the league is interesting from an investment point of view as new 100-year leases with local municipalities effectively hand back clubs' control over their stadiums.

Optimising stadium infrastructure and commercial operations is key to understanding why recent acquisitions of clubs such as AS Roma and Parma have taken place.

Emil Gjerding Nielson and Mads Meisner nielson@offthepitch.com

The formalities looked to be in place when the Serie A in November last year said its 20 clubs had reached agreement to sell a ten per cent stake in the league to a consortium of CVC Capital, Advent International and FSI for €1.6 billion.

But now, three months later, the deal has still not been finalised and doubts have started to arise amid a separate decision over a sale of the league's domestic broadcasting rights for the next three seasons. 

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