Famous rapper Drake reportedly saved Serie A club Venezia from bankruptcy.
Venezia, which was promoted back to the Italian top division in June, had spent over $21 million on players starting in the 2021-22 season, accumulating significant debt.
This left the club in deep trouble last season until Drake’s Chief Brand Officer Matte Babel worked with Venezia co-owner Brad Katsuyama to find a solution.
According to Babel, Katsuyama explained to him that the club would have to raise a total of 40 million euros to avoid bankruptcy.
This led to cash deposits from the Grammy-winning rapper and other investors, which gave the club a financial boost and helped it win the playoffs for Serie A in the second division.
“I spoke to Drake, then Brad and I discussed the details of how we could help. Within two weeks, we had reached an agreement and raised the money needed to pay salaries and avoid bankruptcy,” Babel said.
Drake is a well-known sports fan and global ambassador for the Toronto Raptors. The Italian club has signed a deal with its Nike imprint NOCTA to produce the club’s jerseys.
“Given his global superstar status and brand reach, Drake’s value to any football club is undeniable. It is at this intersection of culture and sport that we want to be accurate and for us as a sports organisation, the opportunity to attract a brand like NOCTA that toes the same line is incredibly valuable,” added Babel.
Venezia is a professional Italian football club based in Venice. Its greatest milestone was winning the Coppa Italia in the 1940–41 season.
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