Agnelli, letter to Juventus shareholders: “Let’s play to win everything”

Juve restarts from a new strategic plan, which aims to leave behind the damage caused by Covid and focus and leverage innovation to better match the needs of the club. The watchword in the letter sent by the chairman Andrea Agnelli to the shareholders, which accompanies the report of the 2021-22 financial statements, is “responsibility”.

Losses

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“After the unimaginable storm of Covid, over 7 billion cumulative losses in the sector between 2019 and 2021, the 2021-22 budget should be the last year in which we record direct impacts due to the pandemic – writes Agnelli to shareholders -. Just remember, for example, that last year we had a stadium utilization rate of less than 70%. It was therefore necessary to equip the company with a new one Road map, approved by the Board of Directors in June of this year, with the aim of guaranteeing Juventus development while maintaining the reference to sports performance. The path of economic recovery has therefore already been undertaken by the company, but it is a very demanding journey in stages, which appears at the end of the three seasons marked by the pandemic and passes through painful moments ”.

Start point

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From planning to direct actions: “From an economic and financial point of view, the 2021-22 budget, with a loss in the income statement of 254 million euros, is certainly the most bitter moment. Juventus has therefore developed, as soon as the external context has allowed it, a new three-year plan (2022-25) in the awareness that the three-year period just ended does not represent the end of an expansive path, frustrated by the pandemic. On the contrary, it is the starting point of a new journey made above all of football, innovation and responsibility towards the new needs that the club requires – continues the Juventus president in the letter -. The ideal point of contact between Juventus pre and post pandemic are the Women, synonymous with diversity and inclusiveness but at the same time faithful to the Juventus tradition – the extraordinary successes in the national field still shine in our eyes (5th consecutive Scudetto, Coppa Italia and Super Cup) and the incredible Champions League nights at the Allianz Stadium ”.

Strategic Plan

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Agnelli therefore explained better the five key points of Juventus’ current strategic plan: “1. Financial: it is clear to all, us first, that the economic-financial balance, lost during the years of the pandemic, must return to guide the strategic choices of the company. The extraordinary capital increase operation was the initial stage of this path, which today must continue with credibility and conviction.

2. Management: Juventus’ ambition is to guarantee operational excellence in every activity in support of the development of the brand that aspires to become attractive to the younger generations (Z and Alpha) and intends to become truly global.

3. Sports: this is our core business and it always will be. Juventus means competing at a high level for victory, every day and in every competition. Victory is a goal that Juventus naturally aspires to and every effort of all Juventus women and men will be directed towards victory, starting from the current season.

4. ESG: for almost ten years the Company has been committed to the issue of sustainability, with projects and adequate reporting. Today we complete this commitment by integrating this issue fully into our business model. A promise to the new generations, which we intend to keep.

5. Political: Our sector has been living for too long with some structural problems which, if not addressed and resolved collectively, risk jeopardizing the European future of the most beautiful sport in the world ”.

Risks

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Regarding the last political part, Agnelli highlights three points: “The financial unsustainability for the clubs, despite the historic growth in revenues; polarization – within European domestic leagues of all sizes, with a small number of clubs always winning and that between European leagues in which the English Premier League is the top football league in the world, unapproachable to any other domestic league. Hence the need for continental clubs to access the Champions League as the only lever to limit the loss of ground compared to English clubs – increasing economic and sporting risks; finally, the younger generations are losing interest and are less involved in sport: according to some studies, in America, historical precursor of trends and fashions, 39% of Generation Z say they never follow live sports events, compared to 28% of adults and only 20% of Millennials ”.

Current situation

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To close the denunciation of the president of the Juventus club: “Although many analysts and commentators agree in detecting the current negative context, there have been few solutions presented by football stakeholders. And those brought to debate have almost always encountered a stagnant conservatism, overcome only through exogenous events, such as the Bosman ruling in the 1990s. Currently the European Court of Justice is again called to rule on our industry, this time to verify whether the current governance structure of European football is compatible with EU law. Predictably, the court will issue its judgment over the current season and it will be extremely relevant to all stakeholders. Whatever the result, Juventus has been and will always be an active part in proposing solutions to the problems of our sector, as it cares about the long-term sustainability of our sector “.

Invitation to dialogue

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And therefore on the future: “The overall objective is to putindustry fans and footballers, the souls of the most beautiful sport in the world, whose beating heart is in the European Union. This result must be achieved by guaranteeing the investors, represented by the clubs, the legitimate representation within the governance and thus allowing the right connection between the entrepreneurial risk and the control of economic management. The positive consequences of the possible reforms will be able to provide grassroots sport, through the federations, with the resources it deserves, distributed transparently through entities with well-defined roles. Reforms, in any context, can only be achieved through listening and constructive dialogue with all stakeholders – concludes Agnelli -. Juventus wants to be an active part of that dialogue. The criticisms and disappointments, which are on the agenda in football, are useful for growth, they must not be neglected and they will not be. The credibility path I have just outlined for you will be challenging but will bring tangible results on and off the pitch. Juventus has never stopped and, with the stable support for almost a century of a major shareholder and its hundreds of millions of fans around the world, it intends to write new winning chapters in its history “.