Private equity firms Carlyle, Bain, and Oaktree are preparing to bid for a minority stake in the company holding Serie A's international media rights, Reuters reported. The venture, which would also include the league's betting and sponsorship business abroad, generates around €200m in core earnings and could be valued between €3bn and €4bn. JP Morgan is advising the league and began sounding out private equity funds earlier this year. Oaktree already owns Inter Milan, Serie A's reigning champions, making it both a club owner and potential investor in the league's commercial machinery.

Investors have taken minority positions in domestic media businesses of other European leagues, including Spain and France. However, Serie A's international unit generates sales of around €250m annually, a fraction of the Premier League and La Liga earnings, according to UEFA data. The league has struggled to sell rights abroad as broadcaster interest cooled amid a crowded fixture calendar, expanded UEFA Champions League, and the Premier League's pulling power.

Any stake sale requires backing from at least 14 of 20 clubs, a threshold that proved fatal before. In 2021, a €1.7bn deal to sell a 10% stake in the domestic media unit to a CVC-led consortium collapsed after clubs failed to muster the required majority.