According to Juventus, the Agnelli family, which controls the team through their holding company Exor, has committed to supporting the Serie A club’s 200 million euro equity fundraising. This financial backing will be fulfilled in full.
Exor, based in the Netherlands, holds a 64% stake in Juventus. The company has pledged to cover a portion of the cash call equivalent to their stake in the club, amounting to a maximum of 128 million euros, and has already almost completely settled that amount.
Due to challenging market conditions, discussions with banks for guaranteeing the remaining portion of the deal prompted Juventus to turn to Exor for assistance. As a result, Exor has committed to purchasing any unsold new shares for a maximum total of 72 million euros.
For their involvement in ensuring the success of the deal, Exor will receive a fee of 1.8 million euros, as confirmed by Juventus. The club anticipates completing the share sale by the end of April.
The equity fundraising may result in an increased stake for Exor in the club if other investors do not participate. Juventus did not specify Exor’s potential actions in the event of acquiring extra shares.
Exor holds substantial investments in various companies, including automaker Stellantis, Dutch group Philips, and being the controlling shareholder in luxury sports car maker Ferrari, truck maker Iveco, and farm and construction equipment maker CNH Industrial.
Furthermore, the Milan-listed Juventus is currently embroiled in a false accounting probe related to player trading. The club has consistently denied any wrongdoing and asserts that its accounting practices adhere to industry standards.
Citigroup and UniCredit are acting as joint global coordinators for the fundraising process, as stated by Juventus.
($1 = 0.9042 euros)
(Reporting by Giulio Piovaccari and Elvira Pollina; Editing by Alvise Armellini and Mark Potter)
