Carmen Mandato/Getty Images
Musician Drake has reportedly helped raise 40 million euros ($43.7 million) to save Italian soccer club Venezia from bankruptcy.
“I got a call from Brad Katsuyama, co-owner of Venezia and a good friend of mine. He explained the problem to me in a simple way: Venezia needs to raise 10 million euros in a few weeks and then at least 30 million euros in a few months, otherwise the club will go bankrupt,” said Matte Babel, Chief Brand Officer of Drake, to the Italian edition of GQ (h/t Francesco Porzio of CBS Sports) “Venezia is an incredible city and Venezia has always been a special club. I spoke to Drake, then Brad, and 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.”
GQ Italy noted that a number of North American investors joined the effort and Venezia’s ownership group formed an operating committee to “oversee the club’s strategic direction” (h/t Billboard’s Michael Saponara).
In addition, the Italian club signed a sponsorship deal with Drake’s NOCTA line at Nike.
Venezia, based in the Italian city of Venice, has been an active club since 1907. It has played 38 seasons in Serie B and 13 seasons in Serie A, gaining promotion to the Italian top division last season. The club’s best result came in the 1941/42 season, when it finished third in Serie A.
Drake is no stranger to the world of sports and sports betting, often appearing on the sidelines at Toronto Raptors games.
“Matte was my first call when I knew the club needed help,” said Katsuyama GQ. “Drake’s value to any football club is undeniable, given his scale as a global superstar and the reach of his brand. This intersection of culture and sport is exactly where we want to be and the chance to partner with a brand like NOCTA that is moving in the same direction is incredibly valuable.”
