Serie A draws ten suitors as JP Morgan trims field

Serie A has attracted roughly ten bidders for a minority stake in a new vehicle that will hold the league’s international media rights, overseas sponsorship and betting business, with JP Morgan beginning to narrow the field after meeting Serie A officials on Monday.

Bidders line‑up includes global funds

Italian financial daily Milano Finanza says the shortlist comprises Bain Capital, Oaktree, Carlyle, Nextalia, Blackstone, General Atlantic, Avenue Capital, Partners Group, Bright Path, Clessidra and FSI, with some bids involving more than one fund.

Serie A is weighing the sale of between ten and twenty percent of the new company while retaining overall control, a move that would inject private capital without ceding decision‑making.

Reuters previously valued the commercial operation at between €3 billion and €4 billion, generating roughly €250 million in annual revenue and about €200 million in core earnings.

That valuation suggests a minority investment could run into the hundreds of millions, and some offers have been reported as more aggressive, reflecting the league’s hope that an external partner can lift international revenues ‘much’ higher.

Strategic aims and valuation

The Serie A League aims to close the gap with the Premier League and LaLiga overseas, where competition for broadcasters has intensified and the expanded Champions League adds premium fixtures.

Unlike previous proposals, the domestic television package will stay outside the transaction, keeping the most valuable home‑market rights with the league itself.

Oaktree stands out among the suitors, having owned Inter Milan since 2024, meaning any deal will draw extra scrutiny to how the investment is structured and governed, especially with a Milan‑based club involved.

The bids were presented to the clubs today, but a final decision is not expected immediately; Milano Finanza notes the league could still appoint a specialist commercial agency rather than sell equity, and any private‑equity deal will need the backing of at least fourteen of the twenty clubs, with a vote slated for November.

Serie A previously came close to selling ten percent of a broader media business to a CVC‑led consortium for €1.7 billion in 2021, a deal that collapsed after insufficient club support.