A Canadian pharameutical company has made an offer to buy out Serie B club Bari.
The announcement from Millenia Hope Inc. was published in the Wall Street Journal, confirming the company had hired the AMG Law Firm to hold negotiations.
“Millenia Hope Inc. announces today that it has formally offered to acquire the professional SOCCER TEAM of the city of BARI, ITALY, known as Associazone Sportiva Bari.
“MILLENIA HOPE INC. is depositing an offer in the amount of 11.5 MILLION EUROS for this transaction. The offer includes television and radio rights which generate 4.5 million Euros per season. Promotional rights bring in approximately 2.5 million Euros annually.
“Millenia Hope Inc. considers this acquisition to be an excellent investment opportunity that will be extremely beneficial to the Company and its Shareholders.”
Bari were founded in 1908, but have struggled financially in recent years and haven’t made it to Serie A since their relegation in 2010-11.
The club has been owned by the Matarrese family for 30 years, but they have repeatedly called for other investors to buy them out.