Drake saves football club from bankruptcy
Musician Drake stepped in to help save Italian football club Venezia FC from bankruptcy after it was revealed the team needed to raise $40 million to avoid falling into financial ruin and being demoted to a lower league.
Drake stepped in to help save Italian football club Venezia FC from bankruptcy.
The musician's pal Matte Babel convinced the star to get involved ahead of the 2023-2024 season after it was revealed the Serie A side needed to raise $40 million to avoid falling into financial ruin and possibly being demoted to a lower league - and the star helped rally investors so the money was raised within two weeks.
Babel told GQ Italia: "I got a call from Brad Katsuyama, 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 co-owner Brad Katsuyama added: "Drake’s value to any football club is undeniable, given his scale as a global superstar and the reach of his brand. This intersection of culture and sport is exactly where we want to be."
As well as helping raise the investment money, Drake also got his Nocta fashion line involved by designing the team's new kits.The new apparel goes on sale next month.
The team is now financially stable and after the investment, they were able to win the Serie B promotion playoff into Serie A.
There are now plans to build the team a new stadium and an indoor area which are slated to open for the start of the 2027 season.
