The title Juventus risks the goleada in the opening. Then, the club's defense line recovers, at least on the electronic fences of Piazza Affari. And so, after the initial collapse (-10% before the suspension due to excessive reduction), the club's share recovered: -1,5% approximately at the end of the morning, or a capitalization of around 700 million euros. Little stuff compared to the values of the leaders in the sector, more or less a seventh of what was paid for the control of Chelsea but, far more serious, just over half the price (1,2 billion) asked for the transfer of Inter.
Juventus: will the delisting come after the change at the top?
A merciless but purely academic comparison: after the turnaround on Monday evening, the most immediate concerns for Juventus, as well as for the controlling shareholder, are quite different Exor, with a strong 63 per cent stake. In defense of the quotations of the holding headed by John Elkann, already grappling with the torpedoing of the team manager of Classic Ferrari for sale -1,19%, Mattia Binotto, undoubtedly plays the shield offered by the listing of the financial company on the Amsterdam Stock Exchange alone. Juventus, after all, is now the only listed company in the group that has its registered office in Italy. But for how long?
It is one of the many questions that arise after the dramatic turnaround on Monday evening, when one is the board of directors of the club resigned en bloc divided on the 2021/22 budget, postponed several times following the findings of Consob and the Turin Public Prosecutor's Office. After initially resisting the budget disputes of recent years, the club's top management has raised the white flag. decisive themeeting between John Elkann and Andrea Agnelli in which it was agreed that, also to avoid further damage to the club (the application of law 231 is borne by the directors), it was necessary to move on as requested by part of the board. In the end, having acknowledged that "the unity of the Board has failed", the president was forced to resign.
A position which, as far as possible, satisfies even the "hawks", determined to do battle with both hands free with Consob and the Public Prosecutor's Office. But above all the "doves" committed to avoiding worse troubles: beyond the criminal aspects (the delicate position of Andrea Agnelli and deputy Pavel Nedved destined for an almost obvious indictment) and financial aspects (in any case very onerous for Exor) the 'operated by sports justice. It is not excluded that the "ne bis in idem" principle prevails, i.e. the club's acquittal of the mess on capital gains a year ago, but since then, thanks to the environmental interceptions of incredible talks between the Juventus top managers, new elements have emerged .
Juventus: the new Board of Directors in January. Who will be the president?
In the meantime, Exor is deploying a team of professionals able to best represent the needs of a complex transitional phase. Must be completed by 27th December, date of assembly, a new budget with a loss exceeding the 254 million already revealed in the draft at the end of September, at the time already a sad record capable of absorbing more than half of the capital increase (400 million) necessary to meet the deadlines in view of the championship. Not only. You must protect the club in each location at least until 18st January, when a Board capable of getting the new Juventus off the ground could see the light of day. The general manager will have to take care of ferrying the clib Maurice Scanavino, the man of Gedi's accounts "of proven black and white faith" and the new president, Gianluca Ferrero, a key man on many boards of directors in the family galaxy (already called to put order in Italia Independent, Lapo's creature).
It is not excluded that the mission, far from easy, of the professionals could last at least until the end of the financial year on 30 June while Maurice Arrivabene, moreover among the resigners, should leave first. However, it is easy to predict that the new board will not offer advice to Max Allegri, the only technical guide of the club from here to the end of the season together with Federico Cherubini which, probably, will have to work more on the front of disposals than an improbable shopping campaign.
However, it is evident that in these weeks one will have to take shape new Juventus, capable of putting behind him the misfortunes and mistakes of recent years that have tarnished the extraordinary winning streak of Andrea Agnelli's presidency. What will happen? For now, only guesses can be made.
- The united Juventus people have already expressed themselves: Alessandro Del Piero president commands a Bulgarian majority. And he, from the first statements, does not hold back.
- Another who, like Alex, still has a home in Turin, is Antonio Conte, ready to leave London to return to his dearest bench.
Juventus: after 100 years of leadership Agnelli, the hypotheses under consideration by John Elkann
Will it end like this? Perhaps, but it is important that in parallel or first a definite structure is given to the club, the true benchmark of Italian football. In a few months, Juve will celebrate a unique record in the world: i 100 years under the guidance of the Agnelli family, since in 1923 Edoardo, despite the skepticism of Senator Agnelli, opened his wallet to create the first battleship of soccer made in Italy, the basis for the successes of Vittorio Pozzo's national team. A witness then picked up by the Agnelli brothers, Gianni and Umberto, among the architects of the great blue season between Bearzot and Marcello Lippi. A legend that, in recent years, despite the investments of the Ronaldo season, it has not been possible to renew. The listing on the Stock Exchange was not sufficient to guarantee the club the international depth that allows the Manchester United (poor of results) to put in sale for at least ten billion pounds.
It is not excluded that, after the centenary party, John Elkann do not contemplate leaving Piazza Affari with a voluntary takeover bid that is not even too expensive. The next step could be the agreement with a private equity, one of the many who are betting on the future of soccer, handing over the sporting leadership of the club while maintaining a significant stake. Will it go like this? Too early to say, but today's difficulties can turn into an opportunity for tomorrow.
