Drake Saves Italian Soccer Club From Bankruptcy
Canadian rapper Drake is well-known for his ventures outside music, which include fashion, media production, and sports. The 37-year-old entered his latest sports endeavor by becoming an investor in the Italian Serie A soccer club Venezia FC and saving the club from financial turmoil.
Before the 2023-24 season, the club was on the brink of bankruptcy due to massive debt. They were promoted from Serie B to Serie A during the 2021-22 campaign but were relegated back to Serie B at the end of that season.
Venezia's expenses during their time in Italy's top flight led to severe financial strain, and the relegation meant a further drop in income, pushing them deeper into financial trouble.
To save the club from inevitable bankruptcy, Canadian club co-owner Brad Katsuyama reached out to Drake through Matte Babel, the rapper’s chief brand officer and part of his management team, to explain that he needed to raise €10 million within a few weeks and an additional €30 million in the following months for Venezia FC to survive.
Within two weeks, Drake successfully helped raise the needed total capital of €40 million ($43.7 million) by using his connections to reach out to American investors. The club also experienced on-field success and was promoted back to Serie A by the end of the 2023-24 season.
Aside from helping the club find investors, Drake's Nike sub-brand, NOCTA, entered a sponsorship deal with Venezia FC to have their logo on the team's kits for the upcoming 2024-25 season.
Drake Invests In Powerhouse Serie A Club
In addition to his NOCTA sponsorship deal with Venezia FC, Drake is also involved with one of the best teams in Serie A. The five-time Grammy Award winner is an investor in Italian powerhouse AC Milan alongside Los Angeles Lakers star LeBron James.
Drake and LeBron James acquired a minority stake worth $1.31 million from American investment management firm and club owners RedBird Capital Partners in 2022.
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