Goldman Sachs Group Inc. is considering providing financing to Serie A, a boost to the iconic Italian football league that’s struggled to secure backers in recent years, according to people familiar with the matter.
(Bloomberg) — Goldman Sachs Group Inc. is considering providing financing to Serie A, a boost to the iconic Italian football league that’s struggled to secure backers in recent years, according to people familiar with the matter.
The US investment bank giant sent a letter to Serie A’s top officials expressing a preliminary interest as a financing partner to develop the league’s media business, the people said asking not to be identified discussing confidential information.
Representatives for Serie A and Goldman Sachs declined to comment. Earlier this week Reuters reported JPMorgan was considering whether to provide up to €1 billion ($1.1 billion) in bank financing to develop Serie A’s media business, using broadcasting rights as collateral.
Serie A is home to many of football’s global stars, including Lautaro Martínez and Theo Hernandez, but its finances have suffered decades of neglect. Revenue totaled about €2.5 billion ($2.7 billion) for the 2020/2021 season, according to Deloitte, after the impact from Covid 19. English Premier League generated more than twice as much
Late last year, Serie A restarted its bid to spin off its media unit, a move aimed at winning investment from private equity investors and turning around the league. A separate effort to sell a $2 billion stake to an investor group failed in 2021 after failing to win over enough clubs.
Goldman Sachs plays a significant role in financing European football, advising on the sale of Roma in 2020 and currently acting as an adviser on the possible sale of Liverpool FC. It also arranged the sale of a $900 million junk bond last year to back CVC in its investment in the media business of Spain’s La Liga and is the lender supporting the refurbishment plan for Barcelona’s stadium.
Read More: Juventus Soccer Club Hit with 15-Point Slam for False Accounting
–With assistance from Irene García Pérez.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.