Shares surged as high as 4.8% at the opening but quickly trimmed after ‘groundless’ newspaper report.
Exor holds 64% of Juventus’ shares and 78% of its voting rights, which are worth roughly €800 million in the market.
A spokesman for Exor said in a statement that Il Giornale’s report was “groundless”, after the newspaper reported that the holding company considered Juventus’s recent financial results were “no longer sustainable” and it had been embarrassed by the club’s ongoing judicial problems. The people added to Reuters that no imminent changes were expected and that any possible decision would only come once there was clarity on the accounting and judicial clouds hanging over the club.
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