Italy’s premier soccer league is exploring partnerships with private equity investors for a minority ownership stake in its international broadcasting rights division, according to three industry sources familiar with the discussions.
Serie A, which features powerhouse clubs like Inter Milan, AC Milan and Juventus, brought on investment bank JP Morgan last year to examine potential opportunities for the unit that manages the league’s global media rights, as previously reported.
The international broadcasting division brings in approximately 250 million euros ($292.6 million) annually, significantly less than what England’s Premier League and Spain’s LaLiga earn from their overseas media deals, based on UEFA data.
Investment firms including Apollo, CVC, Ares and Sixth Street are among the potential buyers that JP Morgan has preliminarily contacted regarding the possible transaction, sources revealed. A formal bidding process is anticipated to begin later this month, according to one source.
Representatives for Serie A, JP Morgan and Sixth Street declined to provide comment. Apollo, CVC and Ares have not yet responded to requests for comment.
The Italian league has faced challenges marketing its broadcasting rights internationally, as television networks have shown less interest due to an overcrowded schedule dominated by the expanded UEFA Champions League and the global appeal of England’s Premier League.
Serie A previously attempted a similar strategy in 2021, seeking to sell a portion of its more profitable domestic media division, but negotiations fell through when the league’s 20 member clubs couldn’t secure the necessary majority approval.
JP Morgan has been working with the league to develop a comprehensive business strategy for its international media operations, which also includes sponsorship deals and agreements to host Italian Super Cup matches in foreign markets, sources indicated.
The proposed agreement being presented to investment funds would allow the Italian league to divest up to 49% of the unit through a multi-year partnership, according to sources.
This potential Serie A transaction would follow similar private equity investments in other European soccer leagues, including those in Spain and France, where investors have acquired minority positions in media rights operations in return for immediate funding and long-term revenue participation, sources noted.
League regulations require approval from at least 14 clubs for any deals involving key commercial assets.
