Drake ‘saves Serie A club Venezia from bankruptcy after rapper helped team raise over $43million to survive’

Serie A club Venezia were reportedly saved from bankruptcy by an extremely unlikely source: world-famous rapper Drake.

The club, which was promoted back into Italy’s top flight in June, also spent a season there in the 2021-22 campaign – in which it finished dead last and racked up significant debts after spending over $21million on players, per Transfermarkt.

And the club was heading towards financial disaster last season until Drake’s chief brand officer Matte Babel got a call from his friend and Venezia co-owner Brad Katsuyama.

As Babel told GQ Italy, Katsuyama explained to him that the club needed to raise an initial €10 million and a further €30 million to avoid bankruptcy.

And after a cash injection from Drake and other (unnamed) investors, the club got back on its feet financially and ultimately won the Serie B’s promotion playoff into Serie A.  

The team were promoted back to Serie A in June after beating Cremonese in the play-off final

‘Venice is an incredible city and Venezia has always been a special club,’ Babel said.

‘I spoke to Drake, then Brad and I discussed the details of how we could help. Within two weeks we had a deal, raised the money needed to pay the salaries and avoid bankruptcy.’

Drake is a noted sports fan as he is a notoriously big sports bettor and an avid supporter of his hometown Toronto Raptors.

He is a global ambassador for the Raptors and the team’s practice facility is also named after his record label OVO (October’s Very Own).

Now, he’ll be involved with Venezia as well as the club have signed a deal for his Nike imprint NOCTA to produce the club’s kits. 

Babel added, ‘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.’

Venezia kick off their season on Sunday vs. Brescia in the Coppa Italia.