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op-flight Italian soccer competition, the Serie A, has accepted a $2.7 billion offer from a private equity consortium led by CVC Capital Partners, for a stake in Serie A’s new media business.

Negotiations have been taking place between the organisations since October, surrounding a deal which will provide CVC, Advent International and state-backed Italian fund, FSI, with a 10% stake in a new company that will be managing Serie A’s media rights.

In spite of the 20 Serie A clubs all having voted in favour of the proposal, tax, and legal aspects need to be finalised before the deal commences, according to Reuters.

Serie A president, Paolo Dal Pino, told Bloomberg that the deal would be a “turning point” for soccer in Italy and that the investment would enable the league to “reaffirm Serie A’s brand worldwide.”

Following Italian football giant, Inter Milan’s profit drop of 62%, and unit sponsorship revenue from 46.7% this year, the deal may be a step in the right direction for the recovery of the Italian soccer industry from COVID-19.

Italy’s top soccer competition has suffered losses of $973 million following the Coronavirus pandemic, according to Dal Pino.

The deal will provide CVC with ownership worth 50% of the consortium’s stake, Advent 40%, with the remaining 10% to FSI.

According to Reuters, the consortium will retain its stake for at least six years, and the private equity group will decide who will be appointed as the company’s new chief executive; Serie A will also have a majority of one seat on the board.

At the start of negotiations, complications arose when CVC and Advent moved to insert a ‘breakaway’ clause, which Dal Pino would not agree to, in order to protect their investment should a rival Euro super league be launched, according to FT.

Serie A’s current $1.5 billion a year, three-year agreement with pay-TV broadcaster Sky and sports streaming service, DAZN, will end along with the 2020/21 season.

Milano Finaza reported that CVC may be looking to sell Serie A’s rights to Amazon Prime.