A group at a top Italian football club has demanded the resignation of the country’s top league president over its management. Radical € 1.6bn deal To bring outside investors into one of the best competitions in the world.
Paolo Dal Pino Has been helpful Private equity group CVC Capital Partners and a consortium with Advent International and Italian investment group Fundo FSI will conduct the proposed transaction for the sale of 10 percent of a new company that will manage its broadcasting and commercial rights to Serie A.
His call for resignation indicates the level of opposition to the deal among elite Italian parties, who are worried about losing control of the competition. Several club officials said there was no longer enough support to pass it.
Seven clubs, including Juventus, Inter Milan, Napoli, Lazio, Atlanta, Fiorentina and Hellas Verona, wrote to the Serie A president this week demanding his resignation, according to a letter seen in the Financial Times.
The clubs’ letter said the group had “previously objected to your conduct as president of Lega Serie A” and that Dal Pino’s actions “necessitated your representation of our incredible confidence in your role, conduct and management as president of the league”.
Del Pino, who is also the chief executive of telecom group Telit Communications, has led negotiations with investment firms to sell Serie A’s broadcasting rights, international trademarks and a new company’s stake for commercial development.
The deal will be the first of its kind in European football, giving it the opportunity to compete in the top sports of choice in the world. The Bundesliga in Germany and La Liga in Spain have all started searching for similar auctions.
However, the latest offer from CVC and Advent closed in early February and private equity groups have not been actively working on the deal since then, a source close to the process said.
People with knowledge of their views say that after the Serie A clubs, private equity groups will confirm the sale of shares. An intensely controversial অধিকার 2.5bn media rights have been approved The sports streaming service went on sale last month at DAZ.
An executive at one of Serie A’s top clubs said Dal Pino had mismanaged the partnership sale, saying the decision appeared to have been driven primarily by the financial problems caused by the epidemic rather than the long-term interests of the sport.
In Serie A, Juventus and Inter Milan declined to comment. CVC and Advent did not immediately comment.