Avenue Capital Group emerged on October 16, 2026, as the primary candidate to acquire a 10 percent equity interest in Lega Serie A’s newly formed international media rights vehicle for €320 million, according to Reuters. The proposal places a €3.2 billion enterprise valuation on the commercial entity. Lega Serie A is reviewing the offer alongside a competing bid from The Carlyle Group and Nextalia, which offered €650 million for a 17 percent stake. The proposed transaction gives the chosen private markets investor a direct share of Italian football’s international broadcasting, sponsorship, and betting revenues.
Private markets investors are shifting their capital deployment strategies in European football from complex preferred return instruments toward straight equity investments. Avenue Capital Group gained traction with Lega Serie A clubs by offering a direct equity injection without demanding structural protections over future cash flows, according to Reuters on October 16, 2026. The preference for Avenue Capital Group over the numerically higher bid from The Carlyle Group and Nextalia demonstrates that sports leagues prioritize clear alignment of financial interests over headline enterprise valuations. Lega Serie A clubs rejected previous private equity advances that required strict preferred payout structures.
Lega Serie A generates approximately €250 million annually in revenues from international media activities and records €200 million in earnings before interest, taxes, depreciation, and amortization, according to Reuters reports on September 3 and October 16, 2026. Avenue Capital Group is offering 16.0 times the entity’s current earnings before interest, taxes, depreciation, and amortization. Lega Serie A seeks to close the revenue gap with the English Premier League and Spain’s LaLiga. Avenue Capital Group plans to fund its proposed investment through vehicles such as the Avenue Sports Opportunities Funds, according to United States Securities and Exchange Commission Form ADV filings dated May 5, 2026.
Deal terms at a glance
| Metric | Detail |
|---|---|
| Target | Lega Serie A international media rights vehicle |
| Leading Bidder | Avenue Capital Group |
| Competing Bidders | The Carlyle Group and Nextalia |
| Avenue Capital Group Price | €320 million (according to Reuters, October 16, 2026) |
| Avenue Capital Group Stake | 10 percent |
| Avenue Capital Group Implied Enterprise Value | €3.2 billion |
| Carlyle and Nextalia Price | €650 million |
| Carlyle and Nextalia Stake | 17 percent |
| Carlyle and Nextalia Implied Enterprise Value | €3.75 billion |
| Consideration | Cash |
| Financing | Not disclosed (Avenue Sports Opportunities Funds named in SEC filings, May 5, 2026) |
| Conditions | Approval from 14 of 20 Lega Serie A clubs |
| Expected Timetable | Club assembly vote targeted before year-end 2026 |
Advisers
JPMorgan Chase & Co. is advising Lega Serie A and coordinating the formal tender process for the minority stake sale, according to Reuters on September 3, 2026. The investment bank structured the auction to solicit capital from private equity firms interested in international sports broadcasting rights. Financial and legal advisers to Avenue Capital Group are not disclosed. Financial and legal advisers to The Carlyle Group and Nextalia are not disclosed.
How the deal came about
Lega Serie A initiated a strategic review of its international broadcasting operations following years of stagnant revenue growth in overseas markets. The league established a new corporate vehicle to commercialize its international broadcasting, sponsorship, and betting rights, according to Reuters on October 16, 2026. The decision to carve out the international rights into a separate entity allowed Lega Serie A to solicit external capital without selling a stake in the domestic television rights business.
JPMorgan Chase & Co. distributed marketing materials to potential investors in early 2026. Lega Serie A invited private equity firms to submit proposals for a minority holding in the new vehicle. Bain Capital and Oaktree Capital Management participated in the earlier stages of the bidding process, according to Reuters on September 3, 2026. Price points and ownership percentages for Bain Capital and Oaktree Capital Management are not disclosed. Lega Serie A narrowed the field to Avenue Capital Group and the consortium formed by The Carlyle Group and Nextalia.
Binding bids were formally submitted in September 2026, according to Reuters. Lega Serie A team representatives held an initial review of the binding bids on Friday, October 16, 2026. The review process revealed a distinct division in the proposed investment structures. Lega Serie A executives prioritized structural simplicity over total valuation. Lega Serie A clubs previously evaluated offers from CVC Capital Partners, Advent International, and FSI in 2020 for a 10 percent stake in a broader media company. The clubs abandoned that €1.7 billion transaction in 2021 after disagreements over governance and control.
Valuation and comparables
The league’s international commercial unit generates approximately €250 million in annual revenues, according to Reuters on October 16, 2026. The unit generates around €200 million in earnings before interest, taxes, depreciation, and amortization, according to Reuters on September 3, 2026. Avenue Capital Group offered €320 million to acquire a 10 percent minority equity interest.
Based on the unit’s stated figures, Avenue Capital Group’s €3.2 billion valuation reflects an enterprise value to revenues multiple of 12.8 times. The proposal implies an enterprise value to earnings before interest, taxes, depreciation, and amortization multiple of 16.0 times. Avenue Capital Group structured its valuation to reflect the pure equity nature of the investment.
The joint bidding group composed of The Carlyle Group and Italian private equity firm Nextalia submitted an offer of approximately €650 million for a stake of roughly 17 percent. This proposal implies a higher total enterprise valuation of approximately €3.75 billion, according to Reuters on October 16, 2026. The Carlyle Group and Nextalia’s €3.75 billion valuation implies an enterprise value to revenues multiple of 15.0 times. The consortium’s bid implies an enterprise value to earnings before interest, taxes, depreciation, and amortization multiple of 18.75 times.
Lega Serie A’s €3.2 billion to €3.75 billion valuation range compares to similar private equity transactions in European football. CVC Capital Partners acquired a 13 percent stake in the commercial rights subsidiary of France’s Ligue 1 for €1.5 billion in 2022. CVC Capital Partners also committed €1.99 billion to Spain’s LaLiga for an 8.2 percent share of a new commercial entity in 2021. The Lega Serie A transaction specifically isolates international rights, making direct valuation comparisons to the LaLiga and Ligue 1 deals complex. LaLiga and Ligue 1 included domestic broadcasting revenues in their commercial carve-outs.
Financing and structure
Avenue Capital Group structured its bid entirely as a direct common equity investment with pari passu cash-flow exposure, according to Reuters on October 16, 2026. Avenue Capital Group is not seeking structural cash-flow guarantees or priority payout protections. The firm will share directly in the financial risks and rewards of Lega Serie A’s future international media rights sales.
The Carlyle Group and Nextalia structured their proposal with downside protections over future cash flows, according to Reuters on October 16, 2026. The preferred equity structure created complexity that favored Avenue Capital Group despite Avenue Capital Group’s lower headline valuation. Private markets investors often use preferred equity instruments in sports investments to ensure a minimum rate of return. Lega Serie A clubs resisted the preferred structure.
Third-party debt packages, leverage ratios, and specific limited-partner co-investment allocations are not disclosed. Avenue Capital Group’s sports strategies are deployed via vehicles such as the Avenue Sports Opportunities Funds managed by Avenue Capital Management II, L.P., according to United States Securities and Exchange Commission Form ADV filings dated May 5, 2026. Avenue Capital Group has raised dedicated capital for investments in sports and related media properties.
Risks, conditions and key dates
- September 2026: Bidders submitted binding offers to Lega Serie A and JPMorgan Chase & Co.
- October 16, 2026: Lega Serie A team representatives held an initial review of the bids and identified Avenue Capital Group as the primary candidate.
- November 2026: Lega Serie A clubs will conduct further detailed reviews of the financial proposals and governance terms.
- December 2026: Lega Serie A targets a definitive club assembly vote before year-end.
Any transaction requires formal approval from a qualified majority of at least 14 of Lega Serie A’s 20 constituent clubs, according to Reuters on October 16, 2026. Securing a 14-club supermajority has historically hindered institutional investment in Italian football. Ownership groups within Lega Serie A often disagree on revenue sharing formulas and the relinquishment of commercial control to external financial sponsors. Lega Serie A abandoned its 2020 media rights transaction with CVC Capital Partners because the league failed to secure the necessary club votes.
Where reports disagree
Initial process estimates provided to suitors anticipated a valuation band of €3.0 billion to €4.0 billion for minority stakes spanning 10 percent to 20 percent, according to Reuters on September 3, 2026. Current bids diverge within that range. Avenue Capital Group proposed a €3.2 billion valuation, while The Carlyle Group and Nextalia proposed a €3.75 billion valuation, according to Reuters on October 16, 2026.
Avenue Capital Group, Lega Serie A, The Carlyle Group, and Nextalia declined to comment on the negotiations to Reuters on October 16, 2026. No formal regulatory filings or press releases have been lodged with corporate or market regulators such as the United States Securities and Exchange Commission or the United Kingdom Financial Conduct Authority. Discussions remain bilateral and non-definitive.
Sources
Company and regulator filings
Press and analysis
Facts as of 19 October 2026.
