From Breakingviews - Juventus drama calls for an Exor exit strategy
, controlled by the Agnelli clan, it’s a chance to rethink long-held ties to the famed but chronically loss-making team.
Juventus says the accounting changes will hardly impact its cash flow and net debt. Yet the dramatic exit of Andrea Agnelli, a close relative of Exor Chairman John Elkann and a backer of the failed breakaway Super League for top soccer clubs, makes an already questionable investment even worse. The reputational hit for the Agnellis belies Juventus’s small size. The listed team, worth roughly 700 million euros on the market, represents just 2% of Exor’sof 31 billion euros, as of the end of 2021. Despite the sentimental value the Agnellis attach to Juventus, severing ties may be the best option. Soccer clubs are in high demand, with Chelsea’s sale earlier this year attracting a feeding frenzy among would-be owners.
The loss-making club said that it would have to restate its financial statements for the fiscal year ending in June 2022.
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