Agnelli family fully committed to Juventus as Tether takes stake, Elkann says

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By Giulio Piovaccari and Keith Weir

TURIN, Italy (Reuters) -Italy’s Agnelli family has no intention of selling shares in soccer club Juventus, but is open to collaboration with other investors, family scion John Elkann told Reuters, after cryptocurrency group Tether amassed a significant stake.

Elkann is CEO of Exor, the holding company of the Agnelli family, whose ties with the Turin-based soccer club, Italy’s most successful, date back to 1923 when Edoardo Agnelli became chair. Exor is the club’s controlling shareholder.

Asked whether Exor was considering selling Juventus shares, Elkann told Reuters that the firm had no intention to do so. 

“We remain fully committed to Juventus and are proud to be its controlling shareholder for over a century,” he said.

CRYPTO FIRM TETHER BUILDS STAKE IN CLUB

The comments, the most direct so far on the matter, come after Tether built a stake of more than 10% in the club this year.

At their annual meeting on Friday in Turin, Juventus shareholders appointed Tether representative Francesco Garino as a board member – the first not to be put forward by the Agnellis since Juventus was listed on the Milan bourse in 2001.

General Manager Damien Comolli, who is set to become the new CEO, and Exor CFO Guido de Boer were also appointed to the new board, which has been expanded to nine members from five previously. Juventus Chairman Gianluca Ferrero was confirmed in his role.

“We are and have always been open to constructive ideas from all stakeholders who share our ambition and passion for the club,” Elkann told Reuters, opening the door to possible collaboration with Tether.

His remarks are also aimed at reinforcing the link between Juventus and its ownership which many supporters say has weakened, especially since Andrea Agnelli, a cousin of Elkann, quit as chair in late 2022 following accounting scandals.

El Salvador-based Tether, the creator of the world’s largest stablecoin, is now Juventus’ second-largest shareholder after Exor, which owns around 65%.

Tether welcomed the appointment of Garino but said in a statement that the outcome of the shareholder meeting “underscores the ongoing challenges within the club’s current governance structure and its reluctance to engage transparently with supporters and minority shareholders.”

It said before the meeting that it wanted to help “strengthen Juventus’ governance and align the club more closely with both its supporters and modern management standards”.

JUVENTUS HAS FACED STRUGGLES ON THE PITCH

Juventus claimed a ninth successive Italian league title in 2020 but have not won it since. They appointed former Italy national team manager Luciano Spalletti as coach at the end of October after sacking Igor Tudor because of poor results.

“We support the new board and new management team, as our priority remains to combine strong sporting results with financial discipline,” Elkann told Reuters.

Investors, led by Exor, have poured around one billion euros ($1.2 billion) of fresh cash into Juventus in the past seven years through a series of capital increases. 

Speaking to Reuters in February, Tether CEO Paolo Ardoino said “you can buy only what someone wants to sell” when asked if his company wanted ultimately to own the club. Ardoino is an Italian national and Juventus supporter.

Massimo Monaci, a 50-year-old Juventus fan, told Reuters the club’s current owners often “looked distant”.

“I find it hard to imagine Juve and the Agnellis parting ways, but perhaps the time could have come for a change of ownership, something unthinkable until a few years ago.” Monaci said.

(Reporting by Giulio Piovaccari and Keith Weir; Additional reporting by Elvira Pollina in Milan; Editing by Emelia Sithole-Matarise and Gavin Jones)