Italian Clubs’ Reservations Delay Avenue Capital Talks Over League Rights

Several Serie A clubs have raised reservations about Avenue Capital’s offer to buy a stake in the competition’s international media rights business, delaying and complicating negotiations, according to people familiar with the matter. The league has not granted the firm exclusive negotiating rights, although it is currently the only party with whom it is actively negotiating.

The US investment firm’s offer is €320 million for a stake of about 10% in an entity that includes the league’s international broadcasting, sponsorship and betting rights, at a total valuation of about €3.2 billion. Clubs oppose entering into exclusive negotiations and want the league to retain the option of considering alternative offers; approval of the deal requires the backing of at least 14 of the 20 clubs.

The league previously considered selling a similar stake in its domestic media unit to a consortium led by CVC in 2021, but the talks collapsed after failing to reach the required majority. The source said the international rights unit generates annual sales of about €250 million, while the league has faced difficulties selling its foreign rights in recent years.