Private equity circles Serie A’s €3bn–€4bn international media business

Serie A has attracted some of the biggest names in private equity as it looks to sell a minority stake in a new business controlling its international media, betting and sponsorship rights.

Carlyle, Bain Capital, Oaktree Capital Management and Italian private equity firm Nextalia are preparing bids, with binding offers due by 4 September.

Investors are expected to bid for a 10% to 20% stake in the new venture, which could be valued at between €3 billion and €4 billion. The business generates around €250 million in annual revenue and approximately €200 million in core earnings.

JP Morgan began sounding out potential investors earlier this year as adviser to Serie A.

The numbers underline the opportunity — and the challenge. Serie A is home to globally recognised clubs including Inter Milan, AC Milan and Juventus, but its international media revenues remain well behind its biggest European rivals.

Any transaction would require approval from at least 14 of Serie A’s 20 clubs.

The league has attempted a similar move before. A previous plan to bring private capital into its domestic media business collapsed in 2021 after failing to secure sufficient support from the clubs.

Private capital has since become increasingly embedded in European football. Investors have taken stakes in media-rights businesses in both Spain and France, while Oaktree already has direct exposure to Italian football as the owner of Inter Milan.

Serie A’s latest proposal is therefore about more than raising capital. It is another test of how European leagues can package media, sponsorship and betting rights into investable businesses capable of accelerating international growth.