US investment firm Serengeti Asset Management has confirmed an equity deal to take a slice of the commercial and broadcast rights of Peruvian men’s soccer’s top-tier Liga1.
The firm has announced a partnership “with 1190 Sports and other investment partners to acquire a 30% stake” in those rights. The 1190 Sports US-based agency handles international broadcast distribution rights for the top-tier leagues in both Peru and Argentina.
Serengeti and its partners will now move to centralize sales of sponsorship deals and media rights partnerships in the Peruvian league, and has said it expects this process to “substantially increase the value of the league and individual clubs.”
Late last week (June 15), the parent company of 1190 Sports announced that it had secured $74 million through a financing round. At that time Fz Sports said it said it would use the funds to support its partnership with Liga1. The financing was provided by a range of firms, including Serengeti, 777 Partners, MEP Capital, Torneos, and Magma Partners.
Serengeti and 1190 Sports are currently also collaborating on the proposed centralization of rights to Brazilian club soccer through the Liga Forte Futbol investment vehicle.
Aria Vossoughi, who oversees Serengeti’s sports and media strategy, said: "We are extremely excited to continue expanding our involvement in sports and media, particularly in global soccer. This investment builds on Serengeti's bullish views on the opportunity in the South American market and our ongoing support of what many consider to be the heart of soccer.”
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Jody LaNasa, Serengeti’s founder and chief executive, commented: “Across other global leagues, we have seen that strengthening the competitive dynamics of the league and financial profiles of the clubs results in material improvements to fan engagement, viewership, player development, and transfer activity. We believe that Peru can be one of the top South American soccer nations, with Liga 1 clubs in regular contention to win major tournaments.”
Fz Sports’ co-founder and chief exec Matias Rivera added: "Via our unique associative model with the clubs, Peru's Liga 1 has an exciting opportunity to grow its value by incorporating best practices from the world's leading leagues, as well as new technologies and business models, to create a more attractive product for the fans and position Liga 1 as one of the leading soccer leagues in the region.”
Image: Marcelo Endelli/Getty Images