Juventus ‘cannot guarantee’ Super League

by | Apr 19, 2021 00:01

While 12 clubs announce the foundation of a Super League, there is something unusual in the Juventus statement. “The Company cannot assure that the project will be eventually successfully launched or predict the exact timing of the project.”

The clubs all released versions of the same press release more or less simultaneously this evening.

While 12 clubs announce the foundation of a Super League, there is something unusual in the Juventus statement. “The Company cannot assure that the project will be eventually successfully launched or predict the exact timing of the project.”

The clubs all released versions of the same press release more or less simultaneously this evening.

They are AC Milan, Arsenal FC, Atlético de Madrid, Chelsea FC, FC Barcelona, FC Internazionale Milano, Juventus FC, Liverpool FC, Manchester City, Manchester United, Real Madrid CF and Tottenham Hotspur.

However, the Juventus statement had some details that should not be overlooked and it’s probably because they are floated on the stock exchange, so have to be a little more careful when making financial declarations.

It includes a surprising phrase towards the end that leaves room for interpretation, which could in turn open up the door for UEFA to negotiate a deal.

“While the founding clubs will use their best efforts to implement the project within the shortest possible timeframe, at the moment the Company cannot assure that the project will be eventually successfully launched or predict the exact timing of the project. Accordingly, the Company does not have all the necessary elements to assess in detail the impact of the Super League on its financial and economic conditions and performance.”

The rest of the statement is below.

Turin, 19 April 2021 – Juventus Football Club S.p.A. (the “Company” or “Juventus”) announces that it has entered into an agreement with other European top clubs, Associazione Calcio Milan S.p.A., Arsenal Holdings Limited, Club Atlético de Madrid S.A.D., Chelsea Football Club Limited, Football Club Barcelona, F.C. Internazionale Milano S.p.A., The Liverpool Football Club and Athletic Grounds Limited, Manchester City Football Club Limited, Manchester United Football Club Limited, Real Madrid Club de Futbol and Tottenham Hotspur Limited, for the purposes of creating a new European football competition, the Super League. The clubs have agreed to join the Super League on a long-term basis. Additional top European clubs are expected to join the Super League project, reaching a core group of up to 15 permanent founding members that will be complemented each year by more clubs on the basis of an admission process, resulting in 20 clubs in the aggregate. The founding clubs will continue playing in all the respective domestic competitions and, until the actual launch of the Super League, Juventus is willing to participate in the European competitions to which it is eligible. The founding clubs wish to implement the Super League project in agreement with FIFA and UEFA, taking into account the interests of the other stakeholders participating in the football ecosystem. Meanwhile, in order to ensure the success of the project and promptly implement it, the Super League company may also seek judicial protection of its rights. The Super League will indeed be organized and managed by a Super League company which will be owned by the founding clubs on an equal basis. Therefore, the agreement requires each founding club to commit to an initial equity investment of Euro 2 million and, if needed, up to further Euro 8 million. The agreement provides that, in connection with the actual launch of the Super League and subject to the sale of the media rights related to the competition, the founding clubs will receive an upfront net grant of approximately Euro 3.5 billion in the aggregate; such grant, that will be shared among the founding clubs according to percentages to be defined on the basis of the final number of founding clubs, is expected to be ultimately funded under appropriate financing arrangements underwritten by primary international lenders. Juventus expects the Super League to create long-term value for the Company and for the football industry as a whole. While the founding clubs will use their best efforts to implement the project within the shortest possible timeframe, at the moment the Company cannot assure that the project will be eventually successfully launched or predict the exact timing of the project. Accordingly, the Company does not have all the necessary elements to assess in detail the impact of the Super League on its financial and economic conditions and performance.

Club by Club News

 NEWS

RELATED POSTS
Share via
Copy link
Powered by Social Snap