Serie A League: ten investment funds in the running for overseas expansion

Among others, General Atlantic – a US fund specialising in investments in companies with high growth potential – is working on the deal. Bain Capital, one of the world’s leading private investment firms with a highly diversified strategy spanning private equity, debt and other alternative assets, is also said to be in the running.

Among the bidders is also Carlyle, which is partnering with the Italian firm Nextalia. This consortium could capitalise, on the one hand, on Carlyle’s international reach and, on the other, on its knowledge of the Italian market. Then there is Oaktree, a Californian private equity group that already has a direct link to Italian football as the owner of Inter.

Among the interested parties is Partners Group, a Swiss investment manager specialising in private markets. Apollo, one of the world’s leading alternative investment groups, which is also particularly active in private credit, is reportedly in the running. A different profile is that of the American entrepreneur Mark Attanasio, already well known in the world of US professional sport and one of the co-founders of Crescent Capital Group.

Rounding off the list are the US group Bright Path Sport Partners and, finally, the Italian firm Fsi, which is well acquainted with the matter, having already shown an interest in previous years. Clessidra is also amongst the names being mentioned.

Many of these groups are involved in the deal through their credit divisions. One of the topics for discussion will be the valuation of the platform. An indicative value for 100 per cent of the platform is around 4 billion. It is expected that 10–15 per cent will be put up for sale. Based on market multiples, the transaction could range from over 10 times the EBITDA of media companies to 20 times that of other platforms such as the Formula 1 rights, with an average of around 15 times.

Another key aspect will be governance: this will involve a qualified minority stake, with representation on the board of directors to ensure a say in strategic decisions across the various geographical areas where Serie A rights will be negotiated. In the coming weeks, the player with whom to continue exclusive negotiations will be identified from among the 10 groups in the running (which becomes nine when the partnership between Carlyle and Nextalia is taken into account).

Provided, that is, that this model is chosen and endorsed by the assembly of Serie A clubs, to whom J.P. Morgan – according to Il Sole 24 Ore – is expected to present the outcome of its exploratory mandate, setting out the various options on the table, by November. To finalise the matter, unanimity will not be required; instead, the approval of 14 out of 20 chairmen will suffice.