Exor chairman and CEO John Elkann stresses that Juventus‘ President Andrea Agnelli wanted to make football ‘more equitable and sustainable’ and that he’s been given time and resources to relaunch the Bianconeri.
“For Juventus the 2020/2021 season was turbulent both on and off the pitch. Like the rest of the sports and entertainment industry, the pandemic prevented fans from seeing their teams in action,” Elkann wrote in a letter to Exor’s shareholders. Exor is the holding company controlled by the Agnelli family that has a controlling stake in Juventus.
“In 2021, Juventus saw 50% of its games at the Allianz Stadium played behind closed doors with the remainder restricted by limited attendance mandates ranging between 1,000 attendees to 50% of capacity. This robbed the players of the energy that the crowd brings – something the former bianconeri player and Chairman Giampiero Boniperti, who sadly left us in 2021, knew well, observing that “there is no greater gift than the love of the supporters,” he continued.
“Unfortunately, the pandemic hit Juventus just as it was beginning to realise its new plan to grow the business using the €300 million capital increase decided at the end of 2019. The combination of the loss of revenues and the global transfer market falling from $7.4 billion in 2019 to $4.9 billion in 2021, led to a difficult first half of the 2021/2022 season with Juventus closing with a loss of €119 million.
“In response to this, Juventus developed a new plan and launched a capital increase of €400 million that was approved in October 2021. These difficulties highlighted the structural weakness of the football industry in Italy and Europe. Andrea Agnelli, the Juventus Chairman, has, therefore, advocated for changes in the industry’s structure and governance to make it more equitable and sustainable for all those who love this sport.
“On the pitch, the Serie A title eluded our men’s team, but the women’s team continued their domestic dominance with a 4th consecutive Scudetto. The men were able, however, to win the Italian Supercoppa in January before going on to take the Coppa Italia in May.
“As we have learned, when performance is lacking, change is required, which is why we have appointed a new Board, CEO, Sporting Director, Coach and players. We have also ensured the company has sufficient time and resources to get back to the top on and off the pitch, which is the greatest desire of its passionate supporters and shareholders.”