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In a story that reads like the script of a Hollywood film, one of the world’s most famous musicians, Canadian rapper Drake, emerged as the unlikely hero for an Italian club on the brink of financial collapse.
Venezia, a club steeped in history but battling financial turmoil, found an unexpected lifeline in Drake. His intervention was crucial in saving the club from bankruptcy and ensuring its survival.
The Winged Lions, based in the iconic city of Venice, experienced a rollercoaster ride in recent years.
The club’s return to Serie A for the 2021-22 season, after a 20-year absence, was supposed to mark the beginning of a new era.
However, the realities of top-flight quickly caught up with them. In a desperate bid to avoid relegation, the club spent heavily on transfers, accumulating around $22 million in fees.
Despite their efforts, Venezia were relegated back to Serie B by the spring of 2022.
The financial strain of trying to stay in Serie A left the club in dire straits, with debts piling up and the prospect of bankruptcy looming large.
They languished in Serie B for two more seasons, struggling both on and off the pitch. By the end of the 2022-23 season, the club’s financial situation had reached a critical point.
Venezia needed an immediate injection of $11 million to keep the club afloat, with an additional $33 million required to ensure its long-term survival. Without these funds, the club faced the very real possibility of declaring bankruptcy. Thus, they would have dropped further down the Italian soccer pyramid.
Drake has helped prevent Venezia going into bankruptcy.
Venezia’s call for help to Drake
In the midst of this crisis, an unlikely savior appeared. Brad Katsuyama, a Canadian businessman and co-owner of Venezia, reached out to Matte Babel, Drake’s chief brand officer and a close friend, for help. Babel, speaking to GQ Italia, recounted the…
Source link : https://worldsoccertalk.com/news/canadian-owned-venezia-averted-insolvency-all-thanks-to-drake/
Author : Martina Alcheva
Publish date : 2024-08-11 18:30:45
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