Some clubs put brakes on Serie A stake sale talks with Avenue Capital, sources say

Some Serie A clubs have expressed doubts over ‌selling a stake in the league's international media right business to US investment firm Avenue Capital, delaying and complicating talks over the deal, three people familiar with the matter said.

Avenue Capital emerged as the preferred bidder because its offer was structured as a ‌common equity investment and did not include protections on future cash flows sought by some rival bidders pitching higher valuations, ‌Reuters reported last month. The New York-based investment firm offered €320 million for a roughly 10% stake in the vehicle that will hold Serie A's international broadcasting, sponsorship and betting rights, valuing the business at about €3.2 billion ($3.54 billion).

However, some of the 20 clubs comprising the league, unconvinced by Avenue Capital's offer and ⁠opposed entering ​exclusive negotiations with the fund, arguing ⁠that while Serie A conducts a detailed assessment of its bid, it should retain the flexibility to consider alternative offers, the people said. One of them ⁠and a fourth person said at this stage Avenue Capital remained the only bidder actively negotiating with the league even though the association ​had not granted formal exclusive talks.

They did not provide specific numbers, but said that enough clubs had expressed reservations ⁠to delay the process. Any deal requires the backing of at least 14 of Serie A's 20 clubs. Representatives for Serie A and Avenue Capital declined to ⁠comment.

The ​league explored a plan in 2021 to sell a 10% stake in its more lucrative domestic media unit to a consortium led by CVC, but the talks collapsed after it failed to win the required majority. Home to Inter Milan, AC ⁠Milan and Juventus, Serie A has struggled in recent years to grow revenues from overseas media rights, with broadcasters' interest squeezed ⁠by the popularity of England's ⁠Premier League and Spain's LaLiga an increasingly crowded international soccer calendar.

The league's international media rights business generates around €250 million euros, a fraction of those generated by its English and Spanish rivals, according ‌to data from ‌European soccer body UEFA. ($1 = 0.9042 euros)