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

Serie A club Venezia may have been saved from bankruptcy by a most unlikely source: world-famous rapper Drake.

The club, which was promoted back to Italy’s top division in June, also spent a season there in the 2021-22 campaign, finishing last and racking up debt after spending more than $21 million on players, according to Transfermarkt.

Last season the club was on the way to financial disaster until Drake’s brand director Matte Babel received a call from his friend and Venezia co-owner Brad Katsuyama.

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

And after a capital injection from Drake and other (unnamed) investors, the club got back on its feet financially and eventually won the play-offs for promotion from Serie B to Serie A.

Rapper Drake reportedly played a major role in saving Serie A club Venezia from bankruptcy

The team was 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,” said Babel.

“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 we needed to pay salaries and avoid bankruptcy.”

Drake is a well-known sports fan. He is a notorious gambler and an avid supporter of the Toronto Raptors, his home team.

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

Now he will also play for Venezia, as the club has signed a deal with his Nike brand NOCTA to produce the club’s kits.

Babel added: ‘Drake’s value to any football club is undeniable, given his global superstar status and the reach of his brand. This is exactly where we want to be, at the intersection of culture and sport. As a sports organisation, it is incredibly valuable to be able to tap into a brand like NOCTA, which also teeters on the same boundary.’

Venice opens the season on Sunday against Brescia in the Coppa Italia.