“To a greater extent than many of our companies, in 2022 Juventus found itself facing growing internal and external difficultieswho have put the club to the test.” John Elkann recalls this in the letter to Exor’s shareholders, the holding company that controls the Juventus team. “Juventus – says Elkann – recorded a significant loss of 239 million in the year and, for the first time since 2011, the men’s team has not won any title. But it was the lawsuits against the club that ended up occupying the board of directors of the company, which met 18 times during the year. The level of pressure has grown to such an extent that the board of directors has decided to resign in order to allow the company to protect itself most effectively against allegations ranging from alleged accounting irregularities to inaccurate disclosures to the financial markets mainly relating to the trading of players and wage agreements. Juventus denies any wrongdoing“. Then a consideration on the state of European football: “In general, continental European football cannot keep up with the growing financial power of the Premier League, whose revenues are expected to triple those of Serie A by the end of the current season. Chelsea alone have spent more than all the clubs in the Italian, French, German and Spanish leagues combined. Football is still in transition to a fully professional industry: still lacks clarity as a whole, and this is creating financial and regulatory tensions” notes Elkann
“New board will protect the club’s reputation”
Juventus, continues Elkann in the letter to Exor shareholders, “has racked up extraordinary successes, winning everything in Italy and internationally, and has counted 27 world champions among its players, more than any other club in history. This level of successes sportsmanship, which brings great joy to our supporters, but also creates considerable animosity, which can arise when the Club is faced with challenges. I would like to thank the Juventus board of directors for acting responsibly and in particular the president Andrea Agnelliwho led Juventus through a phase full of changes and victories. Juventus now has a new president, Gianluca Ferrero, and a new managing director, Maurizio Scanavino, who is also at the helm of our media company Gedi, where he is successfully carrying out a recovery plan. At Juventus, Gianluca and Maurizio will be aided by a new board of directors, and they have started well, making sure that Juventus can meet the many current challenges, while protecting his reputation so he can come back stronger both on and off the pitch“.
On Ferrari: “Profound changes are underway”
Also in the letter a ride on the Ferrari: “Between the walls of Maranello I am profound changes are underway, particularly in strengthening sporting activity on the track and to develop the lifestyle collections on the catwalks, the drive towards progress that our founder Enzo Ferrari had in his heart continues to keep the people of Ferrari humble and ambitious in building the future of the Prancing Horse”