JPMorgan would have expressed a preliminary interest in supporting the development of the Serie A media business. Reuters reports it, citing three people close to the matter.
The interest of the US bank adds to that of several investment funds that have approached Serie A. Meanwhile, the League is preparing the auction for national and international broadcasting licenses for the seasons after 2024.
The 20 Serie A clubs were reportedly informed of JPMorgan’s interest in a closed-door meeting of their top executives. The American institute should be able to provide between 700 million and 1 billion euros through bank loans, secured through rights. JPMorgan and Serie A declined to comment.
Serie A is constantly looking for new solutions to increase revenues from media rights, which represent around half of club revenues. Like other European leagues, Serie A lags behind the English Premier League in terms of revenue and is looking for ways to revive its global appeal.
We recall that JPMorgan was among the supporters of the Super League, the proposal for a continental super tournament wrecked following numerous protests from several fronts.
The clubs are expected to meet in the middle of next month to discuss the rights dossier and on February 24 to decide how to deal with the approach of JPMorgan and other funds, including Apollo. Eventually, they could decide to hire a financial advisor, but the ok of the qualified majority will be needed for every decision.
The interest in Serie A comes at a time when Italian football is being shaken by the Juventus case, under investigation for its financial accounts and already penalized with 15 points in the standings. Press sources are beginning to fear the possibility of relegation to Serie B and bookmakers have suspended betting in this sense.