The report says Avenue’s proposal is built around ordinary shares, without protections linked to future revenues. That structure appears to have helped the American investment firm move ahead in the initial review.
For Serie A, the appeal is clear: ordinary equity gives the clubs a more direct partnership with an investor, while avoiding some of the guarantees or safeguards reportedly sought by competing bidders. The trade-off is that the lower valuation leaves more upside with the league if international rights grow.
The international media business reportedly generates around €250 million a year, making the rival valuation especially significant. The difference between €3.2 billion and €3.75 billion reflects competing views of how quickly Serie A can expand its global audience and commercial value.
International rights remain a major growth opportunity for Italian football. Serie A has a strong domestic identity and a global supply of historic clubs, but its overseas media income remains well below the levels associated with the Premier League and LaLiga. The eventual partner will therefore be judged not only on capital, but also on its approach to long-term expansion.
Any transaction reportedly needs support from at least 14 of Serie A’s 20 clubs. Further scrutiny is expected in the coming weeks, with the league weighing immediate value against flexibility over future revenues.
The next key storyline is whether Avenue can preserve its reported lead-or whether Carlyle and Nextalia’s higher valuation proves decisive when the clubs move toward a final vote.