PETALING JAYA, Aug 11 — Canadian rapper Drake became the unlikely saviour of Italian Serie A team Venezia FC when it was looking at filing for bankruptcy heading into the 2023-2024 season by helping raise US$40 million (RM177 million).
How and why? Here's a quick breakdown.
What happened?
The Venice footie club were on the brink of declaring bankruptcy after spending heavily to strengthen their squad during the 2022-23 season.
The club sold players and raised money from new investors, but it wasn't enough and Venezia who were at the top of the league, were on the brink of bankruptcy.
Failure meant a fall into Serie D if funding wasn't raised.
But why Drake?
Venezia co-owner Brad Katsuyama called his good friend in Drake's CBO Matte Babel “He laid out the problem to me in a simple way: Venezia has to raise €10 million (RM48 million) in a couple of weeks, and then at least €30 million (RM145 million) in a few months, or the club will go bankrupt.”
And?
Babel called Drake a call. Two weeks later, the money was raised.
How?
Some US$40 million (RM177 million) raised to pay salaries and avoid bankruptcy, came from a group of North American investors heavily credited to Drake's involvement, according to GQ Italia.
Venezia FC also struck an apparel partnership deal with Drake’s Nocta — a Nike sub-label, for the design of their new uniforms.
What lies ahead for Venezia?
Tthe Winged Lions massively finished third in Serie B in the 2023-24 campaign and secured a place in the top division. They will kick off the new season on Sunday with a game against Brescia in the Coppa Italia.
