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Lega Serie A Clubs Including AC Milan Vote To Back CVC and Advent In €1.6 Billion Rights Deal

This is another injection of investment into the league which will be vital to level the playing field financially.

Var monitor displays the Serie A logo prior to the football... Photo by Andrea Staccioli/LightRocket via Getty Images

The Financial Times are reporting that CVC Capital Partners and Advent International have been backed by the clubs of Italy's Lega Serie A in a rights deal worth over 1.6 billion euros. The two firms will work with Fondo FSI - an Italian investment company - to secure a 10% stake in the company managing the broadcasting rights for the Serie A.

AC Milan voted in favour of the proposal alongside 14 other clubs in the league. There were no votes against but a number of abstentions as follows: Atalanta, Hellas Verona Lazio, Napoli and Udinese. Two other proposals were turned down, one from Bain was voted down whilst another from Fortress was not considered as it was late.

CVC and Advent have a four week exclusivity period now to negotiate with Lega Serie A to conclude a deal. The report notes that some insiders are claiming that Serie A officials have contacted Sky and DAZN to open talks for a one year renewal of their deal.