ROME (AP) — Desperate for cash amid the coronavirus crisis, Serie A’s 20 clubs voted unanimously Thursday to accept a 1.7 billion euro ($2 billion) offer from a consortium of private equity funds that will be charged with improving the sale and promotion of the league’s TV rights.
“There are still a lot of checks to be done but we’ve accepted the offer,” Serie A president Paolo Dal Pino said. “We’ve done something unique in a really dramatic time. … The economic impact on clubs (from the pandemic) is about 600 million euros ($700 million).”
The consortium featuring CVC Capital Partners, Advent International and FSI will control 10% of the league’s new media company.
Once the contracts are signed, the first order of business will be selling TV rights for the next three seasons.