Serie A's would-be media partners want 'Super League breakaway' clause
CVC Capital Partners, Advent International and Italian state-backed fund FSI, the private equity consortium that is set to become the partner of Serie A in a new media company, want to insert a breakaway clause in their deal with Italian soccer's top flight in the event a European super league is launched, according to reports.
Their 10 per cent stake in the media company is valued at €1.625 billion ($1.92 billion), with CVC holding 50 per cent of the consortium's stake, Advent 40 per cent and FSI 10 per cent.
The trio have been in exclusive negotiations with a Serie A commission, comprised of league chief executive Luigi de Siervo, Juventus president Andrea Agnelli, Napoli president Aurelio De Laurentiis, Udinese vice-president Stefano Campoccia, Roma chief executive Guido Fienga and Bologna chief executive Claudio Fenucci, for the past month, with all 20 clubs to meet on 18 November to ratify the deal.
However, the Financial Times has now reported that, in the final stages of the contract being completed, the CVC-led consortium wants the clause inserted, having grown concerned at last month's revelations that some of Europe’s biggest clubs are in discussions to create a new continental competition that could entice the likes of Juventus and Milan giants AC and Inter.
In his outgoing speech last month, Barcelona president Josep Maria Bartomeu said his club had approved participation in a “future European super league of clubs, a project put forward by the biggest clubs in Europe.”
Such a project is understood to being bankrolled by Wall Street banks, led by JP Morgan, to the tune of €6 billion in debt financing, albeit Uefa and Fifa have both spoken out against such a league.