Serie A set for €1.7B windfall after deal with investor group

Rome, Nov 19, 2020 (AFP) - Clubs in Italy's Serie A have agreed to allow a group of private investors into the top flight's new TV rights media company, the league told AFP on Thursday.

At a meeting in Rome, the 20 clubs unanimously approved an offer from a group of three investors, which includes former Formula One financers CVC, to control 10 percent of a media company whose creation was agreed in September.

The agreement should lead to an injection of some 1.7 billion euros ($2 billion) into a league reportedly hit by record losses brought about by the coronavirus pandemic.

Some clubs were still against the idea of allowing an unprecedented alliance with private investment, but the precarious financial position of the majority of teams appears to have ended those objections.