Drake helps raise $40 million for Serie A club to avoid Bankruptcy

2 months ago

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Drake’s affiliation with sports teams continues to expand after spearheading efforts which raised 40 million to rescue Italian football club Venezia FC from going bankrupt.

GQ Italia reports that the franchise, which earned a promotion to Itlay’s top league last year, was set to file for bankruptcy and possibly a massive demotion to the country’s lowest tier Serie D.

It’s understood that Venezia’s chief brand officer Matte Babel, who’s also part of Drake’s management team, reached out to the rapper for financial advice on the matter which yielded successful results, Billboard reports.

“I got a call from Brad Katsuyama, co-owner of Venezia and a good friend of mine,” said Babel. “He laid out the problem to me in a simple way. Venezia has to raise €10 million in a couple of weeks, and then at least €30 million in a few months, or the club will go bankrupt.”

“Venice is an incredible city and Venezia has always been a special club. I spoke to Drake, [and] then Brad and I discussed details [of] how we could help. Within two weeks we had a deal, raised the money needed to pay the salaries and avoid bankruptcy.”

GQ Italia further reports that the $40 million came from a group of North American investors and heavily credited the “6 God’s” involvement.

The club also struck an apparel partnership deal with Drake’s Nocta line, which helped design their new uniforms Babel shared.

“This intersection of culture and sport is exactly where we want to be and as a sports organisation the ability to tap a brand like NOCTA that also teeters the same line is incredibly valuable.”

Since then, Venezia bosses have bolstered their squad with new signings as they prepare for Serie A football.

Drake previously sponsored Spanish La Liga Giant Barcelona in 2022 for their El Classico game with Real Madrid through his OVO sound brand.