FT: CVC consortium get approval from Serie A clubs for €1.6bn rights deal – Milan voted in favour

By Oliver Fisher -

Lega Serie A have taken a big step on Tuesday as they have voted in favour of external investment in their TV rights.

As the Financial Times reports, CVC Capital Partners and Advent International have won the backing of Serie A clubs in a rights deal worth over €1.6bn.

The two private equity groups are now working with Italian investment firm Fondo FSI to get a 10% stake in a new company managing Serie A’s broadcasting rights, having teamed up in August after initially submitting rival brids.

Five clubs abstained from the vote: Napoli, Lazio, Atalanta, Verona and Udinese, while the remaining 15 all voted in favour. There was a rival proposal from Bain that nobody voted in favour of, while a last-minute bid from US investment firm Fortress was rejected as it was too late.

CVC and Advent have now secured a four weeks exclusivity period in which they will conduct negotiations with Lega Serie A to iron out the remaining details.

The Financial Times adds that three people involved in the negotiations have told them that Serie A officials have contacted Sky and DAZN to start negotiations for a potential one-year renewal.

Tags AC Milan