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MILAN, Dec 29 (Reuters) – Italy’s Agnelli family has committed to back Juventus’s 200 million euro ($221 million) equity fundraising in full via the family’s holding company Exor, the cash-strapped Serie A soccer club said late on Thursday.
The Dutch company Exor controls Juventus with a stake of around 64%. The holding company had committed to cover the money corresponding to this stake, which amounts to €128 million, and has already paid most of this sum.
While negotiations with banks to secure the remainder of the deal reflected “difficult market conditions”, Juventus said it had turned to Exor, which has pledged to buy back new potentially unsold shares for up to €72 million.
Exor will receive 1. 8 million euros as reimbursement for its role as guarantor of the deal, Juventus said. The club expects to complete the sale of the shares by the end of April.
Exor’s stake in the club might rise as a consequence of the fundraising, if others investors do not join in. Juventus did not specify what Exor might do with the potential extra shares it might acquire.
Exor is the largest investor in automaker Stellantis and Dutch company Philips and the majority shareholder in luxury sports car maker Ferrari, truck maker Iveco and agricultural and structural appliance maker CNH Industrial.
Milan-listed Juventus is embroiled in a false accounting probe linked to player trading. The club has denied wrongdoing and says its accounting is in line with industry standards.
Citigroup and UniCredit are the fundraising co-coordinators.
($1 = $0. 9042) (Reporting by Giulio Piovaccari and Elvira Pollina; editing by Alvise Armellini and Mark Potter)