Serie A in a major downfall, says the chief Luigi De Siervo
By S Sai Jagannath
The famous Italian tournament Serie A has been facing a steep slope ever since the tournament has started. The tournament started with guidelines which did not allow the entrance of spectators in the stands resulting in almost no revenue.
Serie A chief, Luigi De Siervo said on television blaming the lack of match-day revenue and a major drop in sponsorship deals. He said "As of now Serie A is experiencing a shortfall of more than €500 million", he also added asking the government to gradually increase the capacity of the viewers, currently which is 1000 spectators.
Match-day revenue is a major part of every club. Around 11% of match-day revenue accounts for Serie A clubs. Broadcasting rights go as much as €2.5 billion per year. With this much amount of money, without a doubt match day revenues affect a lot. To absorb this huge shock, Serie A is ready to sell a minority of it's a stake to a new company by handing over the league's broadcasting rights for the next 10 seasons.
CVC capital partners and Bain capital are the two companies, who'll auction for the 10% stake for the media rights for the next 10 seasons. According to sources, it's been said the Serie A clubs would meet on October 9 deciding the final media rights and discuss the bids. Although earlier De Siervo said that the clubs would meet on October 10 to discuss.