Serie A club Venezia was reportedly rescued from the brink of bankruptcy by none other than global rap icon Drake, Soccernet.football reports.
Venezia, which secured promotion to Italy’s top division in June, faced severe financial challenges after a previous stint in Serie A during the 2021-22 season, where they finished last and accumulated substantial debts.
According to Transfermarkt, the club spent over $21 million on players, exacerbating their financial woes.
The situation became dire last season, and the club was on the verge of financial collapse.
However, a lifeline emerged when Drake’s chief brand officer, Matte Babel, received a call from Venezia co-owner Brad Katsuyama.
Katsuyama informed Babel that the club needed to raise an initial €10 million, followed by an additional €30 million, to stave off bankruptcy.
As Babel recounted to GQItaly, Drake and other unnamed investors stepped in to provide the necessary funds, helping the club regain financial stability. This timely intervention allowed Venezia to settle its debts and ultimately win the Serie B promotion playoff, securing a return to Serie A.
“Venice is an incredible city, and Venezia has always been a special club,” Babel said. “I spoke to Drake, then Brad and I discussed the details of how we could help. Within two weeks, we had a deal, raised the money needed to pay the salaries and avoid bankruptcy.”
Drake, a passionate sports fan and a well-known supporter of his hometown Toronto Raptors, is now also involved with Venezia.
The club has signed a deal for Drake’s Nike imprint NOCTA to produce its kits. Babel emphasised the value of Drake’s involvement, highlighting his global influence and the intersection of culture and sport.
Venezia is set to begin their season on Sunday against Brescia in the Coppa Italia.