Canadian-owned Venezia averted insolvency, all thanks to Drake

In a story that reads like the script of a Hollywood film, one of the world’s most famous musicians, Canadian rapper Drake, emerged as the unlikely hero for an Italian club on the brink of financial collapse. Venezia, a club steeped in history but battling financial turmoil, found an unexpected lifeline in Drake. His intervention […]

In a story that reads like the script of a Hollywood film, one of the world’s most famous musicians, Canadian rapper Drake, emerged as the unlikely hero for an Italian club on the brink of financial collapse.

Venezia, a club steeped in history but battling financial turmoil, found an unexpected lifeline in Drake. His intervention was crucial in saving the club from bankruptcy and ensuring its survival.

The Winged Lions, based in the iconic city of Venice, experienced a rollercoaster ride in recent years.

The club’s return to Serie A for the 2021-22 season, after a 20-year absence, was supposed to mark the beginning of a new era.

However, the realities of top-flight quickly caught up with them. In a desperate bid to avoid relegation, the club spent heavily on transfers, accumulating around $22 million in fees.

Despite their efforts, Venezia were relegated back to Serie B by the spring of 2022.

The financial strain of trying to stay in Serie A left the club in dire straits, with debts piling up and the prospect of bankruptcy looming large.

They languished in Serie B for two more seasons, struggling both on and off the pitch. By the end of the 2022-23 season, the club’s financial situation had reached a critical point.

Venezia needed an immediate injection of $11 million to keep the club afloat, with an additional $33 million required to ensure its long-term survival. Without these funds, the club faced the very real possibility of declaring bankruptcy. Thus, they would have dropped further down the Italian soccer pyramid.

Venezia’s call for help to Drake

In the midst of this crisis, an unlikely savior appeared. Brad Katsuyama, a Canadian businessman and co-owner of Venezia, reached out to Matte Babel, Drake’s chief brand officer and a close friend, for help. Babel, speaking to GQ Italia, recounted the moment he received the urgent call. “I got a call from Brad, co-owner of Venezia and a good friend of mine.

He explained the problem to me in a simple way. Venezia has to raise $11m in a couple of weeks, and then at least $33m in a few months, or the club will go bankrupt.”

Understanding the gravity of the situation, Babel wasted no time. He approached Drake, a noted sports enthusiast and global ambassador for the Toronto Raptors, with the proposition. “Venezia is an incredible city, and Venezia has always been a special club,” Babel explained. “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.”

Drake’s financial contribution was nothing short of a lifeline for Venezia. The funds raised by the rapper and his team allowed the club to meet immediate financial obligations, including player salaries, and stave off the threat of bankruptcy. This crucial intervention not only saved the club but also provided the stability needed to focus on their on-field performance.

With their financial woes temporarily eased, Venezia went on to have a successful 2023-24 season in Serie B, finishing third and securing promotion back to Serie A through the playoffs. The Winged Lions, as the club is known, had completed a remarkable turnaround, thanks in no small part to the support of Drake.

Lasting partnership beyond financial aid

Drake’s involvement with Venezia did not stop at providing financial support. The collaboration extended to a more creative venture as well. The club struck an apparel partnership deal with Drake’s Nike imprint, NOCTA, to produce their kits. This partnership not only brought a fresh and stylish look to Venezia’s uniforms but also added a touch of global appeal, aligning the club with one of the most influential figures in contemporary culture.

Additionally, the city of Venice made a substantial investment of $344 million into building a new stadium and an indoor arena with state-of-the-art facilities, which is expected to open by the 2027 season. This development, coupled with Drake’s involvement, signals a new chapter for Venezia, one that promises growth and stability.

Photo credit: IMAGO / ZUMA Press Wire