Drake Aids in Raising $40M for Italian Soccer Club Facing Bankruptcy

Canadian superstar Drake has been credited with helping an Italian soccer club stay in business after facing the threat of bankruptcy.

According to GQ Italia, the soccer team, Venezia FC, was experiencing financial problems and urgently needed funds to stay afloat. Drake played a pivotal role in raising the capital necessary to prevent the team from filing for bankruptcy. As the 2023-24 season approached, rising expenses and various decisions led to financial turmoil for the team. Venezia FC accumulated significant debt and made several attempts to manage it, including selling player contracts and seeking new investors. Despite performing well on the field, the club faced severe financial hardships.

One crucial phone call changed the club’s fate. Matte Babel, a member of Drake’s management team and the entertainer’s Chief Brand Officer, received the call.

“I got a call from Brad (Brad Katsuyama, co-owner of Venezia and a good friend of mine). He explained the problem: Venezia must raise ten million euros in a couple of weeks and then at least thirty million euros in a few months, or the club will go bankrupt. Venice is an incredible city, and Venezia has always been a special club. I talked to Drake, and then Brad and I discussed the details of how we could help. Within two weeks, we reached an agreement, collected the necessary money to pay salaries, and avoided bankruptcy.”

The club’s off-field fortune soon mirrored their on-field success as Venezia FC triumphed in the playoffs against Cremonese. The ownership group raised over $40 million in capital from a group of North American investors, reportedly due in large part to Drake and his team. This group has now formed an Operating Committee aimed at transforming Venezia into a world-class team.

Source: GQ Italia