Advent Bids for Stake in Italian Soccer League Serie A

(Bloomberg) -- Advent International has entered the race for a stake in Serie A, the Italian soccer league that’s already considering offers from rival private equity firms CVC Capital Partners and Bain Capital, according to people familiar with the matter.

Advent has made a bid for a stake in Serie A, the people said, asking not to be identified as the matter is private. Its proposal could value the league at about 13 billion euros ($14.6 billion), the people said.

Representatives for Advent and Serie A declined to comment.

Advent has made its move just weeks after Bain’s 3 billion-euro preliminary offer for a roughly 25% stake in Serie A, Bloomberg News reported at the time. This topped an earlier one made by CVC, which has been holding talks about taking as much as 20% in Serie A for 2 billion euros, people familiar with the matter said in May.

Serie A is Europe’s fourth-richest soccer league, according to Deloitte Sports Business Group’s latest review of the game, published earlier in June. It generated revenue of about 2.5 billion euros in 2018-2019, with almost 60% coming from broadcasting. Bain and CVC are seeking a minority stake in a league unit that owns lucrative television rights, the people said.

Games have only just resumed in Serie A after months of being suspended because of the coronavirus crisis. The league is home to players including Juventus Football Club SpA’s Cristiano Ronaldo and Zlatan Ibrahimovic of AC Milan SpA.

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