Dive Brief:
- JPMorgan Chase wants to finance the development of a media business for Italy’s top-tier soccer league, in a deal worth up to €1 billion ($1.08 billion), Reuters reported Thursday, citing sources with knowledge of the matter.
- The bank’s interest in the 20-club Serie A marks an attempt by JPMorgan to revisit a soccer-focused financing deal. The $3.7 trillion-asset bank was the financial backer of a proposed European Super League in 2021 before the project collapsed following widespread criticism.
- The league’s clubs are expected to assess in the coming weeks how to proceed regarding JPMorgan’s interest, Reuters reported.
Dive Insight:
Serie A’s media rights would serve as collateral to back JPMorgan’s financing, a source told Reuters.
The New York City-based bank is expected to be able to provide between €700 million ($761 million) and €1 billion to support the creation of Series A’s media unit, a source told the wire service.
The move comes two years after the dissolution of the $4.8 billion JPMorgan-backed European Super League.
That venture would have formed a breakaway league comprising the continent’s biggest clubs, a move many critics viewed as a major upheaval to European soccer.
JPMorgan’s ties to the project garnered backlash from European soccer fans, particularly in the UK, where the firm was preparing to launch a digital platform.
The bank’s Italian venture, however, likely won’t face the same level of scrutiny, as it would align the lender with an established league rather than position it as the underwriter of a controversial rogue competition.
Serie A, which has been searching for ways to boost revenue and its global appeal, has been considering options to generate more income from its media rights by forming a media unit, Reuters reported. The move, sources said, would open the league up to external investors.
JPMorgan declined Banking Dive’s request for comment.