Serie A clubs on Wednesday approved the creation of a media firm charged with handling the league’s TV rights, the first step towards a potential opening to private investment into the football league.
The decision to create the new company was unanimously approved by the 20 sides currently in Italy’s top flight during an assembly held in Milan, with the main aim to increase revenues from TV rights.
Currently Serie A generates 973 million euros (1.1 billion euros) each year from domestic broadcasters and 371 million euros from foreign broadcasters.
The allocation of TV rights for 2018-21 disappointed Serie A as there was little change in the final amount from the previous period at a time when the value of TV rights for other major European leagues soared.
The 2018-21 rights were awarded before Cristiano Ronaldo arrived at Juventus in the summer of 2018.
Italian media report the league has received two offers to join the new media company, with one group — backed by funds CVC, Advent and FSI — reportedly offering 1.5 bilion euros for a 10 percent stake.
The clubs will have to vote again before outside investors can be formally invited by the league, but the windfall would be significant for teams that have suffered financially during the coronavirus crisis.