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Drake, Nike's Nocta Help Raise $43.7M for Serie A's Venezia FC to Avoid Bankruptcy

Timothy Rapp

Musician Drake reportedly helped to raise €40 million ($43.7 millIon) to help save Italian soccer club Venezia from bankruptcy.

"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," Drake's chief brand officer and a part of his management team, Matte Babel, told the Italian edition of GQ (h/t Francesco Porzio of CBS Sports). "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."

GQ Italia noted that a number of North American investors joined the efforts and Venezia's ownership group created an Operating Committee to "oversee the strategic direction of the club," (h/t Michael Saponara of Billboard).

In addition, the Italian club made a sponsorship deal with Drake's NOCTA line at Nike.

Venezia, which is based in the Italian city of Venice, has been an operating club since 1907. It has spent 38 seasons in Serie B and 13 seasons in Serie A, and was promoted to Italy's top flight this past season. The club's best finish came in the 1941-42 campaign, when it finished third in Serie A.

Drake is no stranger to the world of sports and sports betting, often popping up courtside at Toronto Raptors games.

"Matte was my first call when I knew the club needed help," Katsuyama told GQ. "Drake's value to any football club is undeniable, given his scale as a global superstar and the reach of his brand. This intersection of culture and sport is exactly where we want to be, and the chance to collaborate with a brand like NOCTA, who is moving along the same lines, is incredibly valuable."

   

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