Letter to shareholders, Andrea Agnelli’s defense at work: “He supports the reform for a fairer and more sustainable football”
The future of Juventus and the sustainability of the football system were some of the topics covered by John Elkann in his letter to the shareholders of Exor, of which the bianconeri are one of the main companies of the holding company of the Agnelli-Elkann family. “The 2020/21 season was turbulent for Juventus – we read -, on and off the pitch. The pandemic hit the club when the new development plan was being launched. However, Exor has ensured sufficient resources to return to the top “.
The letter arrived just in the days when the management of the Juventus from Andrea Agnelli has returned to be questioned, with rumors of a possible change to the leaders of the Juventus club. With these words to the shareholders John Elkann he explained the situation, defending the work done by his cousin: “The difficulties of recent years have highlighted the structural weakness of football, in Italy as in Europe. Andrea Agnelli – the note reads -, the President of Juventus supported the reasons for a structural reform and governance of the sector, to make it more equitable and sustainable “.
THE PASSAGE ON JUVENTUS IN ELKANN’S LETTER TO EXOR SHAREHOLDERS
“While 2021 has been an exciting year for many of our companies, others have faced significant challenges Juventus for the 2020/2021 season it was turbulent, on and off the pitch. As with the rest of the sport and entertainment industry, the pandemic has prevented fans from seeing their teams in action. In 2021, Juventus saw the 50% of his matches at Allianz Stadium are played behind closed doorswhile the rest were conditioned by rules that imposed a reduced presence, from 1,000 spectators to 50% of the capacity.
This deprived the players of that energy that comes from the fans – something that the former player and then Juventus President Giampiero Boniperti, who unfortunately left us in 2021, knew well, when he said: “there is no better gift than ‘love of the fans ”.
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“Unfortunately, thethe pandemic hit Juventus just when the new development plan was being launchedusing the € 300 million capital increase decided at the end of 2019. The combination of the decline in revenues and the contraction of the global transfer market went from $ 7.4 billion in 2019 to $ 4.9 billion in 2021, to one difficult first half of the 2021/2022 season, with Juventus closing with a loss of € 119 million. In response to all of this, Juventus developed a new plan and launched a capital increase of € 400 millionapproved in October 2021.
These difficulties highlighted the structural weakness of football, in Italy and in Europe. Andrea Agnelli, the Juventus President then supported the reasons for a structural and governance reform of the sector, with the aim of making it more fair and sustainable for all those who love this sport.
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On the pitch, the Serie A title escaped our men’s team, but the women’s team continued their national dominance with the fourth consecutive Scudetto. However, the men managed to win the Italian Super Cup in January before winning the Italian Cup in May. As we have learned, when results are lacking, change is necessary, and that is why we have appointed a new Board of Directors and the new CEOs, Sporting Director, coach and players. We also have guaranteed sufficient time and resources for the Company to return to the top, on and off the pitch: the greatest desire of all his passionate fans and shareholders “.
ON FERRARI: “BEST COUPLE OF DRIVERS”
“With five podium results and third place in the constructors’ championship, the Formula One season has produced some encouraging signs; but now the Company is focused on the challenge of 2022, aware that with Charles Leclerc and Carlos Sainz the Scuderia has the best pair of drivers on the starting grid, who have started the season well “, Elkann himself takes stock of the motorsport sector.” Ferrari’s GT season was the best in its history, thanks to the Drivers’ World titles and Constructors in the Fia World Endurance Championship and with victory at the 24 Hours of Le Mans – he recalled – He also announced the eagerly awaited return to the top class of the Fia World Endurance Championship in 2023 with its Le Mans Hypercar program (Lmh ), and won a new audience of fans with the Ferrari Esports Series, which saw the participation of 35,000 people across Europe “.