Rap star Drake has proven to be an unexpected source of salvation for Serie A club Venezia FC from bankruptcy.
Source: Instagram/@champagnepapi
Rap star Drake has proven to be an unexpected source of salvation for Serie A club Venezia FC from bankruptcy.
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The story
Freshly promoted from Serie A, Venezia recently announced an exciting new technical partnership with Nocta, the Nike sub-label founded by Canadian rapper Drake.
But this collaboration goes beyond a mere technical sponsorship deal. Drake and his team have played a crucial role in securing a bright future for Venezia, everyone’s favourite fashion-conscious club.
Venezia FC, a club that has just returned to Italy’s Serie A, has received a lot of global recognition for its stylish football kits in recent years. With the club at the forefront of the football/fashion movement, a collaboration with Nocta could prove to be a lifesaver for the Venetian team.
Drake and Nocta’s entry into the elusive European football market was already hinted at several weeks ago when it was reported that the streetwear brand would replace Kappa as Venezia’s sponsor.
GQ Italy reported how Drake stepped in to save Venezia last season. The club desperately needed €10 million (R198.7 million) to stabilise its situation, but also needed around €30 million (R596.3 million) to avoid bankruptcy.
Matte Babel, Drake’s Chief Brand Officer and a key member of his management team, shared the details with GQ:
“I got a call from Brad Katsuyama, co-owner of Venezia and a good friend of mine. He explained the problem to me in simple terms: 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.
“Venezia is an incredible city and Venezia has always been a special club. I spoke to Drake and then Brad and we 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.”
The rapper and a group of North American investors stepped in to remedy the situation earlier this year, and by the end of the season the team had regained promotion to the top-flight Serie A football league with a play-off win over Cremonese – with success on and off the field.
Venezia’s new ownership group has now formed an Operating Committee (OpCo) to oversee the strategic direction of the club. The long-term goal is to develop Venezia FC into a global competitor.
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