Drake and Nike’s NOCTA Raise $43.7M to Save Italian Soccer Club Venezia FC from Bankruptcy
In a remarkable turn of events, musician Drake has played a pivotal role in raising €40 million ($43.7 million) to rescue Italian soccer club Venezia FC from the brink of bankruptcy.
The initiative began when Brad Katsuyama, co-owner of Venezia and a close friend of Drake, reached out to the artist’s management team for help. Matte Babel, Drake’s chief brand officer, shared details of the conversation with the Italian edition of GQ, stating, “Brad explained the situation: Venezia needed to raise €10 million within weeks, and another €30 million in a few months, or the club would face bankruptcy.” Babel immediately involved Drake, and within two weeks, they secured the necessary funds to cover salaries and stabilize the club’s finances.
North American investors also contributed to the effort, and Venezia’s ownership established an Operating Committee to oversee the club’s strategic direction. Additionally, a sponsorship deal was struck between the club and Drake’s NOCTA line at Nike.
Venezia FC, a club with a rich history dating back to 1907, has spent 38 seasons in Serie B and 13 in Serie A. The club was recently promoted to Italy’s top flight, with its best-ever finish being third place in the 1941-42 Serie A season.
Drake’s involvement in sports is well-known, particularly with his frequent appearances at Toronto Raptors games. Katsuyama emphasized the impact of Drake’s involvement, stating, “Drake’s influence on any football club is immense, given his global reach and brand power. This collaboration with NOCTA aligns perfectly with our vision of merging culture and sport.”
The successful fundraising effort has not only saved Venezia FC from financial ruin but also set the stage for a new chapter in the club’s storied history.
