Canadian company Venezia avoided bankruptcy thanks to Drake

In a story that reads like the plot of a Hollywood movie, one of the world’s most famous musicians, Canadian rapper Drake, has become the unlikely hero of an Italian club on the verge of financial collapse. Venezia, a club steeped in history but grappling with financial turmoil, has found in Drake an unexpected lifeline. His intervention (…)

In a story that reads like the plot of a Hollywood movie, one of the world’s most famous musicians, Canadian rapper Drake, has become the unlikely hero of an Italian club on the brink of financial collapse.

Venezia, a club steeped in history but struggling with financial turmoil, found an unexpected lifeline in Drake. His intervention was crucial in saving the club from bankruptcy and ensuring its survival.

The Winged Lions, based in the iconic city of Venice, have had a rollercoaster ride in recent years.

The club’s return to Serie A for the 2021-22 season, after a 20-year absence, was supposed to mark the start of a new era.

But the realities of the top flight soon caught up with them. In a desperate attempt to avoid relegation, the club spent heavily on transfers, racking up around $22 million in fees.

Despite their efforts, Venezia were relegated to Serie B in spring 2022.

The financial pressure of staying in Serie A left the club in dire straits, with debts mounting and the prospect of bankruptcy looming.

The club languished in Serie B for two more seasons, struggling on and off the pitch. By the end of the 2022–23 season, the club’s financial situation had reached a critical point.

The Venice club needed an immediate injection of $11 million to stay afloat, and a further $33 million to ensure its long-term survival. Without these funds, the club could have gone bankrupt. It would have fallen even further down the Italian football pyramid.

Drake helped save Venezia from bankruptcy.

Venezia’s Call for Help to Drake

In the midst of this crisis, an unlikely savior emerged. Brad Katsuyama, a Canadian businessman and co-owner of Venezia, reached out to Matte Babel, Drake’s brand manager and close friend, for help. Babel, speaking to GQ Italia, recounted the moment he received the urgent call. “I got a call from Brad, co-owner of Venezia and a good friend of mine.

He explained the problem to me in a simple way: Venice must raise 11 million dollars in a few weeks, then at least 33 million in a few months, otherwise the club will go bankrupt.

Realizing the gravity of the situation, Babel wasted no time. He reached out to Drake, a noted sports fan and global ambassador for the Toronto Raptors, to present his proposal. “Venice is an incredible city, and Venice has always been a special club,” Babel explained. “I spoke to Drake, and then Brad and I discussed the details of how we could help. Within two weeks, we had a deal in place and had the money together to pay salaries and avoid bankruptcy.”

Drake’s financial contribution was a lifeline for Venezia. The funds raised by the rapper and his team allowed the club to meet its immediate financial obligations, including player salaries, and avert the threat of bankruptcy. This crucial intervention not only saved the club, but also gave it the stability it needed to focus on its performance on the pitch.

With financial difficulties temporarily eased, Venezia enjoyed a successful 2023–24 season in Serie B, finishing third and earning promotion to Serie A through the playoffs. The Winged Lions, as the club is known, have made a remarkable turnaround, largely thanks to Drake’s support.

A lasting partnership beyond financial aid

Drake’s involvement with Venezia wasn’t limited to financial support. The collaboration also extended to a more creative venture. The club entered into a partnership agreement with Drake’s Nike brand, NOCTA, for the production of its kits. This partnership not only brought a fresh and sleek look to Venezia’s uniforms, but also added a touch of global appeal, aligning the club with one of the most influential figures in contemporary culture.

Additionally, the City of Venice has made a substantial investment of $344 million to build a new stadium and indoor arena with state-of-the-art facilities, scheduled to open for the 2027 season. This development, combined with Drake’s involvement, signals a new chapter for Venice, one that promises growth and stability.

Photo credit: IMAGO / ZUMA Press Wire