Rap star, Drake has proved an unlikely source in saving a Serie A club, Venezia FC, from the brink of bankruptcy.
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The story
The newly promoted Serie A club, Venezia, recently announced an exciting new technical partnership in the form of Nocta, the Nike sub-label created by Canadian rapper, Drake.
This collaboration, however, goes beyond mere technical sponsorship deal. Drake and his team have played a crucial role in securing a bright future everyone's favourite fashion forward club, Venezia.
Venezia FC, a side which has just made it's return to Italy's Serie A, has gained plenty of global acclaim for their stylish football jerseys over the past few years, and as the club has been on the forefront of the football/fashion movement, a collaboration with Nocta could prove to be a lifesaver for the Venetian outfit.
Drake and Nocta's entry into the elusive European football market was teased several weeks ago when it was reported that the streetwear brand is in line to replace Kappa as Venezia's sponsor.
GQ Italia reported on how Drake stepped in to rescue Venezia last season. The club urgently needed €10 million (R198.7 million) to stabilize its situation, but also required around €30 million (R596.3 million) to avoid bankruptcy.
Matte Babel, Drake's chief brand officer and a key member of his management team, shared the details with GQ:
"I got a call from Brad Katsuyama, co-owner of Venezia and a good friend of mine. He explained the problem to me in a simple way: Venezia has to raise €10 million in a couple of weeks, and then at least €30 million in a few months, or the club will go bankrupt.
"Venezia is an incredible city, and Venezia has always been a special club. I spoke to Drake, then Brad, and I discussed the details of how we could help. Within two weeks, we had a deal, and raised the money needed to pay salaries and avoid bankruptcy."
The rapper and a group of North American investors stepped in earlier this year to remedy the situation, and by the end of the season saw the team achieve promotion back to top flight football in Serie A in a play-off win against Cremonese, success on and off the field.
Venezia's new ownership group has now formed an Operating Committee (OpCo) to oversee the strategic direction of the club with a long-term goal of building Venezia FC into a global contender.
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