Serie A club Venezia have reportedly been saved from bankruptcy by a most unlikely source: world-famous rapper Drake.
The club, which was promoted back to Italy’s top flight in June, also spent a season there in 2021-22 – in which it finished last, according to Transfermarkt, and accumulated significant debts after spending over $21 million on players.
And the club was heading toward financial ruin last season until Matte Babel, a member of Drake’s management team, received a call from his friend and Venezia co-owner Brad Katsuyama.
As Babel told GQ Italy, Katsuyama explained to him that the club would first have to raise 10 million euros and then another 30 million euros to avoid bankruptcy.
And after a cash injection from Drake and other (unnamed) investors, the club got back on its feet financially and eventually won the promotion playoff from Serie B to Serie A.
“Venice is an incredible city and Venezia has always been a special club,” said Babel.
“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.”
Drake is a well-known sports fan as he is known to bet heavily on sporting events and is an avid supporter of his hometown Toronto Raptors.
He is a global ambassador for the Raptors and the team’s training facility is also named after his record label, OVO (October’s Very Own).
Now he will join Venezia and the club has signed a contract with his Nike imprint NOCTA to produce the club’s jerseys.
Babel added: “The value of Drake to any football club is undeniable given his global superstar status and brand reach. This intersection between culture and sport is exactly where we want to be and for us as a sports organisation, the opportunity to attract a brand like NOCTA that toes the same line is incredibly valuable.”
Venezia starts the season on Sunday against Brescia in the Coppa Italia.
