What’s Cooking In The Old Lady's Kitchen?
The Juventus Management is working hard to secure a bright future to the club. Vecchia Signora officials are already planning the next season, not even considering a possible upset in the current Serie B campaign towards promotion – and nobody would blame them, as Juve is flying high, even though sometimes they’re playing some scruffy games. The new element to be considered is the role of the Agnelli family, ready to financially back the team again. Or so it looks like.
The midweek game at Olímpico against Treviso could be a sort of spot for Juventus Serie B season. They won, strengthening their leadership in the table, but they didn’t impress that much. But maybe at the moment the quality of play doesn’t matter that much, it’s just paramount to get a direct promotion to Serie A. That’s a necessary step for a massive Bianconeri revival, at least considering the results of this week board of directors meeting.
Now Juve can rely on a sizeable increase of capital, 104.8 million euros. A bit of cash to buy Ronaldinho and Kakà? No, as 75 million are needed to pay off debts with banks, while 20 million should be destined to refurbish Delle Alpi stadium. Regarding the stadium there is yet another option, as Juve could get an interest free loan from the Italian Government if Italy is going to be successful in its Euro 2012 bid.
Generally speaking Juventus shouldn’t have the liquidity to buy too many international stars, unless some of the big names leave Turin. Will the Bianconeri offload Trezeguet and Camoranesi to keep Buffon and to sign Toni and Barzagli? Quite a few Italian pundits have that opinion. In the meantime Grygera and Salihamidzic will arrive on free transfers.
Actually it was rather obvious Juventus first priority was to face the urgent need to extinguish the debts. According to the Bianconeri’s French CEO Jean Claude Blanc in the current season operating revenues will dramatically decrease by over 35% in comparison with 2005-2006 campaign. Without Champions League big earnings (nearly 22 million Euros missing) and with smaller investments from big sponsors like H3G, Nike and Tamoil (minus 29 million) this is hardly surprising at all.
But what is also interesting about this capital increase is that 60% of the money will be paid by Ifil, holding company of the Agnelli family. This means that after 14 years the famiglia is ready to pump some money into Juventus just to help the club to regain its top team status, while the remaining 40% of capital increase will be on small investors and probably not on family Gadaffi – which owns 7.5% of Juventus shares – unwilling to take part in the capital increase.
To be honest this feature didn’t impress too much a big club of supporters called “Hands Off Juventus”, as they reckon not all the small investors will contribute for the large amount of money required. We’ll see what’s going to happen, but anyway it’s remarkable that Agnelli are more committed compared to the past decade or so.
In fact before calciopoli the famous “triad” (Moggi, Giraudo and Bettega, the ones running the club over the last ten years) had to do without the support of Agnelli. Fiat was in big financial troubles and capitals were to be invested elsewhere, not in the football team.
We all know the end of the story and the tragic consequences suffered by the Old Lady because of the “triad” management. Did the family know about Moggi & Giraudo methods? Well, let’s say that at least they had some vague ideas about what was going on, and that they were very quick to get rid of them.
Their renovated involvement in Juventus, lead by Giovanni Agnelli’s nephews Lapo and John Elkann, is mainly due to two factors: a serious need to repair the club’s image and the new possibility given by Fiat improved financial situation. New CEO Sergio Marchionne brought a new lifeline to the Turin car company, finally out of troubles and back on a positive trend.
If last summer there were speculations and rumours about the possibility the family could even sell Juve, now many would tip Lapo Elkann as future president of the Bianconeri. Another clear sign Agnelli are much closer to their beloved club. Or at least that’s what many would really hope. Vroom, vroom...
By Luca Manes