Drake helps raise $60 million to save Italian soccer team from bankruptcy
'Venice is an incredible city and Venezia has always been a special club'
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An Italian soccer team that was on the verge of going bankrupt is breathing a sigh of relief thanks to Drake.
According to GQ Italia, Drake played an integral role in helping raise $60 million for Venezia FC after the club was headed for insolvency going into the 2023-2024 season. The Serie A team needed to raise the funds to avoid falling into financial ruin and possibly being demoted to a lower rung in the Italian football league.
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“I got a call from Brad Katsuyama, co-owner of Venezia and a good friend of mine,” said Matte Babel, who works as the Chief Brand Officer of DreamCrew, Drake’s management company and entertainment group. “He laid out the problem to me in a simple way: Venezia has to raise 10 million euro in a couple of weeks, and then at least €30 million in a few months, or the club will go bankrupt.”
Babel reached out to the Toronto rapper to hatch a plan to help get Venezia FC back on its feet.
“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,” Babel said.
“Matte was my first call when I knew the club needed help,” Katsuyama told the outlet, according to Billboard. “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, and the chance to collaborate with a brand like NOCTA, who is moving along the same lines, is incredibly valuable.”
An investment team led by Drake helped the squad reach its goal, with the Hotline Bling hitmaker’s NOCTA clothing line developing Venezia FC’s new uniforms.
According to TMZ, the team is “now thriving thanks to these investments” and have recently brought in new players and are investing in upgraded facilities for the club.
Billboard adds that the city has pledged 315 million euro towards a new stadium and an indoor arena with state-of-the-art facilities, which the team is hoping to have in place for the start of the 2027-28 season.
Drake is no stranger to sports. In addition to being a big bettor, he’s also the global ambassador for the Toronto Raptors and has co-designed the team’s warmup jerseys. His OVO clothing brand and record label also sponsors the squad’s practice facilities at Toronto’s Exhibition Place.
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