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Italian Serie A loses €500m in revenue

The Italian Serie A is facing losses of more than €500 million in revenue, according to the league’s chief executive, Luigi De Siervo.

The coronavirus pandemic’s toll can be seen across the world, with no industry immune to the devastating impact it has caused financially. The revenue losses are mostly made up of the absence in match-day revenue and sponsorship deals.

Speaking to Italian broadcaster Rai, De Siervo claimed: “As of now, Serie A is experiencing a shortfall of more than €500 million.

“The whole system is on the verge of collapse.”

He shortly went on to plea to the government to allow for more fans to attend fixtures, which is currently set at 1,000. De Siervo believes that the capacity should be bolstered to at least 25 per cent.

There have been calls from a number of European leagues to allow spectators to attend football matches, particularly in England where clubs had already planned for the safe return of its fans in October before being thrown out of the window by the UK government.

“Football does not want privileged treatments compared to the rest of the country, but it also does not want to be disadvantaged. In the stadium there are large open spaces, we can distance people,” said De Siervo, as reported by Sky Sports Italy.

The revelation of the significant revenue losses come off the back of a summer long bidding war for Serie A’s media rights, which soon looks to finally reach its conclusion. According to Reuters, clubs have been reviewing a joint offer from CVC Capital Partners and Advent for a 10 per cent share in the company and a competing proposal from Bain Capital for the same share, valued at €1.6 billion over 10 years.

Speaking on the sale of the domestic media rights, De Siervo said: “I think we’ll have positive surprises, even though there’s currently no strong competition like in recent years, when Mediaset competed for TV rights.

“We are attracting the interest of large international platforms, such as Amazon and Netflix, and we hope that football will return to the centre of the relationship between technologies and platforms.”

It was reported earlier that Amazon were interested in boosting their sporting portfolio by obtaining the rights to show some games as part of CVC’s offer whereas Netflix are yet to move into the sports broadcasting landscape.

Author: Jake Wilkin