A popular Italian soccer club was on the verge of going under when it received a boost of financial help from an investment team led by Toronto-based rapper Drake.
In the summer 2021 — for the first time in 20 years — Venezia FC had moved up the ranks to the first tier of Italian football, Serie A. As reported by GQ Italia, the club heavily invested in a new training facility and stadium renovations, as well as poured cash into strengthening their team, but it left them heavily in debt. By the winter of 2022, they were relegated to the bottom of the Serie B table, in 19th place.
Heading into the 2023/24 season, the club started selling off players and raising more capital from new investors, but it wasn’t enough. They were on the brink of bankruptcy and risked falling into Serie D (the fourth tier of the Italian league system). This likely would have happened if Drake didn’t step in to help.
“I got a call from Brad [Katsuyama], co-owner of Venezia and a good friend of mine,” Toronto-based creative Matte Babel (the Chief Brand Officer at Dreamcrew, Drake’s management and entertainment group) told the publication. “He laid out the problem to me in a simple way: Venezia has to raise €10 million [about CAD 15 million] in a couple of weeks, and then at least €30 million [about CAD 45 million] in a few months, or the club will go bankrupt.”
So, Matte spoke with Drake. The Hotline Bling rapper and his team set up a North American investment team to help the squad reach their financial goals — within two weeks, they had raised over $40 million in capital to pay the players’ salaries and avoid bankruptcy.
By the end of the season, the team achieved a playoff win over Cremonese (they are currently in 16th place in the Serie A table).
Venezia’s new ownership group formed an Operating Committee to oversee the strategic direction of the club, with the long-term goal of transforming Venezia into a world-class team, known globally. The club also struck an apparel partnership deal with Drake’s NOCTA line, who helped design their new uniforms.
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“Drake’s value to any football club is undeniable, given his scale as a global superstar and the reach of his brand,” Katsuyama told the publication. “This intersection of culture and sport is exactly where we want to be, and the chance to collaborate with a brand like NOCTA, who is moving along the same lines, is incredibly valuable.”
The team wore special edition NOCTA kits to commemorate the launch of the partnership during their Coppa Italia match earlier this month.
“We’re excited to partner with Venezia FC, a team that embodies the rich history and vibrant culture of Venice” Babel said in a statement. “It’s the perfect intersection of sport and culture and we’re looking forward to contributing to a franchise that stretches beyond the pitch”.
The news of Drake’s/Toronto’s involvement in saving the club has spread across social media, with one Redditor noting how it’s a really interesting story, especially given the Toronto connection.
“Toronto really does operate as a small town despite being a big city, it always seems that you’re one or two calls away from everyone,” the user noted.
