Venezia FC, a historic Italian soccer team founded in 1907, was on the brink of bankruptcy but has made a major recovery, thanks in part to Drake. The Venice-based club, beloved in Italy and a long-time fixture in Serie B, has bounced back from the edge of financial collapse.
After years of struggling, Venezia FC finally earned promotion to Serie A in the summer of 2021, marking their first return to the top division in two decades.
However, their stay was brief, as they finished last the following season and were relegated back to Serie B, according to TMZ. The club then faced daunting financial difficulties, burdened by substantial debt.
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To avoid dropping to Serie D, co-owner Brad Katsuyama reached out to his friend, Matte Babel, a member of Drake’s management team and Chief Brand Officer. This connection proved pivotal, helping the club stabilize its finances.
“He laid out the problem, simply — Venezia needs to raise ten million euros in a couple weeks, and then at least thirty million euros in a few months, or the club will go bankrupt,” Babel told GQ Italy. “Venice is an incredible city and Venezia has always been a special club, I spoke to Drake, and then Brad and I discussed how we could help.”
Within two weeks, Babel and his team secured $40 million from various North American investors to help Venezia FC make payroll and avoid bankruptcy.
Babel noted that Drake’s involvement was key in paving the way for the successful deal.
“The value of Drake to any football club is undeniable given his global superstardom and brand reach — this intersection of culture and sport is exactly where we want to be and as a sports organization the ability to tap a brand like NOCTA that also teeters the same line is incredibly valuable,” Babel added.
Thanks to the investments, Venezia FC is now thriving, with new talent and upgraded facilities being added. These enhancements are expected to be fully realized by the 2027/28 season.
