Soccer-Italy's Agnelli family gives full backstop to Juventus cash call
29/12/2023 13:59
MILAN, Dec 29 (Reuters) - Italy's Agnelli family has
committed to back Juventus's JUVE.MI 200 million euro ($221
million) equity fundraising in full via the family's holding
company Exor EXOR.AS , the cash-strapped Serie A soccer club
said late on Thursday.
Netherlands-based Exor controls Juventus with a stake of
around 64%. The holding company had committed to cover a
proportion of the cash call matching that stake, worth up to 128
million euros, and has already almost entirely paid that sum.
As talks with banks over guaranteeing the remaining part of
the deal reflected "difficult market conditions", Juventus said
it had turned to Exor, which committed to buy potentially unsold
new shares for a maximum amount of 72 million euros.
Exor will get a 1.8-million-euro fee for its role
guaranteeing the deal, Juventus said. The club expects to
complete the share sale by the end of April.
Exor's stake in the club might rise as a consequence of the
fundraising, if others investors do not join in. Juventus did
not specify what Exor might do with the potential extra shares
it might acquire.
Exor is the single largest investor in automaker Stellantis
STLAM.MI and Dutch group Philips PHG.AS and the controlling
shareholder in companies including luxury sports car maker
Ferrari RACE.MI , truck maker Iveco IVG.MI and farm and
construction equipment maker CNH Industrial CNHI.MI .
Milan-listed Juventus is embroiled in a false accounting
probe linked to player trading. The club has denied wrongdoing
and says its accounting is in line with industry standards.
Citigroup and UniCredit are joint global coordinators for
the fundraising.
($1 = 0.9042 euros)
(Reporting by Giulio Piovaccari and Elvira Pollina
Editing by Alvise Armellini and Mark Potter)
((giulio.piovaccari@thomsonreuters.com))