Juve, Exor Ready to Cover Entire Capital Increase

Exor, the holding company owned by the Agnelli-Elkann family which also controls Juventus, has pledged to entirely cover the football club’s capital increase of €200m. This move will be instrumental in case other shareholders opt not to participate in the new equity strengthening. If Exor ends up disbursing the discussed €72m, its stakes in Bianconeri would rise beyond the current 63.8%.

An official statement said, “Following the announcement of the Capital Increase, the Company has sent a request to a panel of primary Italian and foreign banking institutions requesting submissions for the formation of a banking consortium guarantee or, alternatively, to act on commitment as global coordinators on a “best effort” basis and therefore without assumption of guarantee commitments.”

The offers received for the formation of a Banking Consortium and for the Best Effort Option mirror the challenging capital market conditions in the second half of 2023. Therefore, Juventus – given Exor’s availability – has simultaneously started and carried on talks with Exor to define the possible commitment of the shareholder to the subscription and release of the New Shares.

They further revealed, “These should be unsubscribed at the end of the Capital Increase, following which the main terms of the agreements between Juventus and Exor have been reflected in a letter of commitment.”

This commitment includes Exor’s unwavering and irrevocable commitment to subscribe at the offer price the New Shares resulting from the Capital Increase that should not be subscribed at the end of the offer for a total maximum amount of €72 million. This also includes a market-rate fee payable to the shareholder amounting to 2.5% of the Guarantee and Subscription Commitment, equal to €1.8 million.