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MILAN, Dec 29 (Reuters) – Italy’s Agnelli family has pledged to fully back Juventus’ 200 million euro ($221 million) fundraising through holding company Exor, the club said on Thursday night. Serie A football club with cash flow problems.
The Dutch company Exor controls Juventus with a stake of around 64%. The holding company had committed to cover the money corresponding to this stake, which amounts to €128 million, and has already paid most of this sum.
While negotiations with banks to secure the remainder of the deal reflected “difficult market conditions”, Juventus said it had turned to Exor, which has pledged to buy back new potentially unsold shares for up to €72 million.
Exor will receive 1. 8 million euros as reimbursement for its role as guarantor of the deal, Juventus said. The club expects to complete the sale of the shares by the end of April.
Exor’s stake in the club could increase as a result of fundraising, if other investors do not sign up for us. Juventus did not specify what Exor can do with the possible additional shares it may acquire.
Exor is the largest investor in automaker Stellantis and Dutch company Philips and the majority shareholder in the companies of luxury sports car maker Ferrari, truck maker Iveco and agricultural and structural appliance maker CNH Industrial.
Juventus, indexed in Milan, is immersed in an accounting investigation similar to the player trade. The club has denied any wrongdoing and says its accounting is in line with industry standards.
Citigroup and UniCredit are the fundraising co-coordinators.
($1 = 0.9042 euros) (Reporting by Giulio Piovaccari and Elvira Pollina Editing by Alvise Armellini and Mark Potter)