Serie A’s plans to sell a minority stake in its overseas media and commercial operations have slowed after several of the league’s 20 clubs raised concerns about the investment terms and, crucially, the approach being taken during negotiations.
Reuters reports that clubs are reluctant to grant Avenue Capital exclusive negotiating rights while Serie A continues to assess the proposal. The opposition centres on keeping the option open to consider alternative offers rather than committing to one path before the evaluation process is complete.
Avenue, a New York-based investment firm, remains the only bidder reported to be actively negotiating with the league. However, formal exclusivity has not been granted, meaning the situation could still shift if other structures are brought forward.
Deal needs broad club approval
Any agreement would require approval from at least 14 of the 20 Serie A clubs. With objections not yet resolved, those reservations could be decisive for whether talks progress into a final transaction.
Avenue’s offer is understood to be structured as a straightforward common equity investment. The firm is reported to be offering €320 million for an estimated 10% stake, valuing the international media business at around €3.2 billion. Some clubs have looked for additional protections around future cash flows, which could explain part of the reluctance to move too quickly on one bidder’s terms.
Competition has existed, too. A Reuters report cited a consortium involving Carlyle and Nextalia that offered around €650 million for approximately 17%, implying a higher headline valuation of roughly €3.75 billion. The league’s preference for Avenue, despite the lower headline figure, appears to have been linked to deal structure rather than valuation alone.
International revenue gap drives the push
The proposed minority sale forms part of Serie A’s wider attempt to strengthen its commercial position in the international market and narrow the financial gap with other top European competitions.
Industry figures cited by trade reporting put Serie A’s international media income at about €250 million per year, compared with an estimated €2.5 billion for the Premier League and €835 million for LaLiga. Serie A has already trialled similar thinking domestically, having explored selling a stake in its domestic media rights business to a CVC-led consortium in 2021, only for that plan to fail to gather enough support from clubs.
With negotiations now under strain, the next step will depend on whether Serie A can persuade enough clubs that the terms are acceptable—and that the league keeps enough flexibility to secure the best possible outcome.</article>
