Italy's Serie A asked investors to submit bids by July 24 for broadcasting rights - sources

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MILAN (Reuters) - Serie A has asked investors to submit bids for a minority stake in its broadcasting rights business by July 24, two sources close to the matter said on Monday, as Italy's top flight soccer league is looking at ways to weather the COVID-19 emergency.

Private equity firms CVC, Bain Capital, Advent International and TPG are among the companies interested in bidding, the sources said. Private equity Apollo and General Atlantic also looked at the dossier, one of the sources said.

Serie A, advised by investment bank Lazard, will select a shortlist or will give an exclusive period to one of the bidders by the end of July, a source said. Serie A has been in exclusive talks for more than a month over a 2.2 billion euro bid from private equity firm CVC Capital for a stake of up 20% in a venture managing the league's media rights for 10 seasons. However, negotiations have gone nowhere.

 

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