August 13 – Canadian rapper Drake has officially become an investor in Venezia FC, newly promoted to Serie A, by joining global investment firm APEX.
Reports indicate that Drake was instrumental in helping the club secure approximately €40 million earlier this year to ensure its survival.
Brad Katsuyama, a Venezia co-owner revealed last season that the club needed to raise an initial €10 million and a further €30 million to avoid bankruptcy.
Private equity investors APEX, founded in 2021, lead the funding found. APEX focuses on sports, media, and entertainment investments, and also holds stakes in the Alpine F1 team and Bay Golf Club. Drake is a renowned sports bettor with a history of investment in sport, particularly with his hometown basketball team Toronto raptors.
“APEX, a leading global investment firm renowned for its diverse portfolio in sports and entertainment, has been joined by global music icon Drake in the group of new investors in Venezia FC,” the firm said in a press release.
“This exciting development comes as part of a broader strategic partnership with several investors joining forces at the Italian Serie A club.
“Drake’s decision to invest in Venezia FC marks his first significant foray into European football, highlighting his deepening interest in the sport. This move is set to bring a fresh wave of enthusiasm and international recognition to the club, which has been steadily rising in prominence both on and off the pitch.”
Earlier this year, the rapper and a group of North American investors intervened to address the worsening financial situation at the club, ultimately guiding the team to promotion back to Serie A by season’s end.
This new ownership group has since established an Operating Committee (OpCo) to steer the club’s strategic direction, with the long-term aim of transforming Venezia FC into a global football brand.
Drake’s chief brand officer, Matte Babel, who works on his management team, said: “I got a call from Brad (Brad Katsuyama, a Venezia co-owner) a close friend of mine. He laid out the problem, simply – Venezia needs to raise €10 million in a couple weeks, and then at least €30 million in a few months, or the club will go bankrupt.”
“Venice is an incredible city and Venezia has always been a special club, I spoke to Drake, then Brad and I discussed how we could help. Within two weeks we settled on terms, and raised the money needed to make payroll and avoid bankruptcy.”
Drake will be involved behind-the-scenes with Venezia as the club have signed a deal for his Nike imprint NOCTA to produce the club’s kits.
Babel added: “The value of Drake to any football club is undeniable given his global superstardom and brand reach – this intersection of culture and sport is exactly where we want to be and as a sports organisation the ability to tap a brand like NOCTA that also teeters the same line is incredibly valuable.”
Venezia kick off their season on Sunday versus Brescia in the Coppa Italia.
Contact the writer of this story, Harry Ewing, at moc.l1735107736labto1735107736ofdlr1735107736owedi1735107736sni@g1735107736niwe.1735107736yrrah1735107736