(Alliance News) – Tensions have escalated between the Juventus board, dominated by Exor, and the club’s new shareholder, Tether.
As reported by Corriere della Sera on Friday, the Juventus board, while accepting Tether’s proposed amendments to the agenda for the November 7 shareholders’ meeting, has nonetheless urged shareholders to vote against them.
Tether, which holds an 11.5% stake in the club, has requested that the extraordinary session–focused on a potential capital increase of up to 10%–be brought forward. Specifically, Tether is pushing for the inclusion of pre-emptive subscription rights for current shareholders, omitting the accelerated bookbuilding capital increase proposed by the board, and for the immediate determination of both the issue price and the number of shares to be issued.
The crypto giant argues that “newly issued ordinary shares should be offered to all shareholders via pre-emptive rights, as this would best protect each investor’s interest and prevent dilution of existing holdings.”
For the 2024-2025 fiscal year, Juventus posted a net loss of EUR58.1 million. The majority shareholder, Exor–controlled by the Agnelli-Elkann-Nasi family–has approved a recapitalization of EUR110 million, with EUR30 million already injected in two tranches on March 31 and June 30.
Tether, for its part, has stated its readiness to contribute. The board, meanwhile, maintains that any dilution for other shareholders would be limited.
Additionally, the board warns that a capital increase with pre-emptive rights would likely require a higher discount on the share price at the time of issuance.
Tether has also requested changes to the club’s bylaws to allow for greater minority shareholder representation on the board of directors–specifically, two seats instead of one for the leading minority list–as well as a seat on each of Juventus’ internal board committees.
Last week, the stablecoin company submitted a slate with two candidates–Francesco Garino and Zachary Lyons–for two board seats. Exor, which owns 65.4% of the club, submitted its list with Gianluca Ferrero set to remain as chairman.
The board responded that “the current structure complies with existing legal and regulatory frameworks,” adding that “mathematically doubling the number of directors representing a single minority shareholder does not serve the interests of shareholders other than those in control.”
Finally, the company led by Giancarlo Devasini and Paolo Ardoino requested that, in the event of a board member’s departure, the replacement be automatically selected from the remainder of the original list. Here too, the board has advised a vote against the proposal.
By Giuseppe Fabio Ciccomascolo, Alliance News Senior Reporter
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