Serie A’s Broadcasting Deals: New Opportunities And Old Challenges In Italian Football

In Europe, the Italian Serie A football league ('Serie A' or 'League') is in the middle of a potential unprecedented change in structure. It is evaluating new opportunities offered by international private equity investors while facing cyclical challenges resulting from complex tender processes for the marketing of the League's lucrative media and broadcasting rights.

In late 2020, after months of heated discussion, the 20 clubs that form the Italian football top flight partially opened the door in favour of allowing a group of private equity investors to acquire a 10% stake in a media company to be created within Serie A for the purpose of marketing the League's lucrative broadcasting rights.^[1]

The consortium of investors, led by CVC Capital, includes American global private equity firm Advent International and the Italian sovereign wealth fund, Fondo Strategico Italiano. The deal is proposed to be worth €1.7 billion and, if actually finalized, will run up to 2026.^[2] The discussion as to whether or not to accept the consortium's offer is officially still ongoing, although meeting strong resistance by several clubs within the League who would prefer the deal to fall through.

This piece discusses:

• Broad overview of Serie A’s collective sale of media rights; and
• Applicable law to the collective sale of media rights