Revealed: How rap icon Drake helped Serie A side Venezia escape bankruptcy in €40m fundraiser
Famous rap artist Drake helped newly promoted Serie A side Venezia escape bankruptcy last year.
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- Drake saved Venezia from bankruptcy
- Finished third in Serie B to secure promotion
- Phone call convinced rapper to bail them out
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Table of Contents
ToggleWHAT HAPPENED?
The Venice-based club were on the brink of declaring themselves bankrupt after spending heavily to strengthen their squad during the 2022-23 season in order to keep themselves afloat in the Italian second division.
- Getty Images Sport
THE BIGGER PICTURE
The club signed close to 30 players to survive relegation to Serie C during the 2022-23 season, but the massive spending took a toll on their financial health as they then had to sell players to raise money, or risk falling to Serie D. That is when club co-owner Brad Katsuyama got in touch with Drake's brand officer Matte Babel to explain their situation. Soon enough, the musician was on board to bail the club out financially.
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WHAT HAS BEEN SAID
Speaking to on the deal between Drake and the club, Babel said: "I got a call from Brad, co-owner of Venezia and a good friend of mine. 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, 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."
- Venezia FC
WHAT NEXT FOR VENEZIA?
Drake's contribution helped the Winged Lions massively as they finished third in Serie B in the 2023-24 campaign and secured a place in the top division. They will kick off the new season on Sunday with a game against Brescia in the Coppa Italia.
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