PETALING JAYA, Aug 11 — Canadian rapper Drake became the unlikely saviour of Italian Serie A team Venezia FC as it faced bankruptcy filing at the start of the 2023-2024 season by helping to raise US$40 million (RM177 million).
How and why? Here’s a quick breakdown.
What happened?
The Venice football club was on the verge of bankruptcy after investing large sums of money in strengthening its squad for the 2022-23 season.
The club sold players and raised money from new investors, but this was not enough and Venezia, which was at the top of the league, was on the verge of bankruptcy.
Failure would have meant relegation to Serie D if no funds were raised.
But why Drake?
Venezia co-owner Brad Katsuyama called his good friend, Matte Babel, CBO at Drake: “He explained the problem to me very simply: Venezia needs to raise 10 million euros (48 million RM) in a few weeks and then at least 30 million euros (145 million RM) in a few months, otherwise the club will go bankrupt.”
And?
Babel called Drake. Two weeks later, the money was raised.
How?
About US$40 million (RM177 million) raised to pay salaries and avoid bankruptcy came from a group of North American investors credited with being instrumental in Drake’s success, according to GQ Italia.
Venezia FC also signed a clothing partnership agreement with Drake’s Nocta – a sub-label of Nike – for the design of its new uniforms.
What lies before Venice?
The winged lions finished third in Serie B in the 2023/24 season, securing a place in the top flight, and will open the new campaign on Sunday with a match against Brescia in the Coppa Italia.
