🇨🇦🤝 The Canadian rapper Drake has joined Venezia FC as an investor through the APEX group, who acquired a minority stake in the Italian club in July, shortly after the team gained promotion to the Serie A.
👕 Furthermore, the Nike sub-brand NOCTA, which is created by Drake, will become the club’s new official sporting and technical partner. This marks the club’s return to Nike, after they switched to Kappa in 2021 to get more creative control over their kits, which paid off big time as the club created some of the most hyped and sought after kits on the market.
💰The agreement comes after Drake helped financially save Venezia FC last season, as revealed by the Italian edition of GQ. The club needed an immediate injection of €10 million to keep the club safe, and an additional €30 million to stay alive and avoid bankruptcy. A deal was then set up where Drake helped to raise the money needed.
📊And looking at the club’s financials, it becomes evident that they’ve struggled moneywise, with their expenses exceeding their revenue by quite a lot, in fact their expenses were the double of their revenue in the most recent published financial year (2022/23).
A big part of their revenue has come commercially, driven by the hype around the club, especially on social media, where they’ve become known for making some of the most trending kits. And with NOCTA now taking over, and the club playing in the Serie A, we expect that Venezia will experience a significant growth in their revenue.
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