Serie A accepts $2 billion offer from equity funds

·1 min read

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.

The league also needs to determine how to divide the money between the 20 clubs.

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