Exor, the powerful Agnelli family’s firm with major stakes in Ferrari and Stellantis, has squashed rumors that it’s ready to part ways with its century-long love affair with top-tier Italian soccer club Juventus.
On Monday, news outlet Il Giornale reported the Agnellis were looking to ditch the club due to its dire financial situation and accounting scandal.
But Exor, which owns roughly 64% of Juventus shares listed on the Milan stock exchange as well as 78% of the voting rights, has denied the claims to Fortune.
Exor slammed the report, calling it “groundless,” according to Reuters, putting rumors of a possible sale to rest.
The Italian Serie A club’s shares rose as much as 4.8% at the start of Monday’s trading day in Italy.
Amid scandals and financial woes
Juventus was caught in an accounting mishap related to some of its deals concerning the transfer of players between 2019 and 2021.
Earlier this year, the Italian Football Federation (FIGC) found that the club was guilty of those charges resulting in a 15-point deduction.
The club denied any wrongdoing, but the entire board of the club including its president, Andrea Agnelli, resigned in November when news of the scandal came out.
The club’s penalty was ultimately reversed in April, but still hurt the reputation of the Turin club which, years earlier, had been at the center of a match-fixing scandal.
Under Agnelli, the club collected a long list of titles. He was also among the architects of a breakaway European Super League in 2021, a plan to bring together some of the sport’s top clubs, which fizzled out in a matter of days after it was heavily criticized.
Sale rumors
Il Giornale reported that Juventus would sell for at least €1.5 billion ($1.6 billion) after it resolved its accounting fiasco. The club has also incurred a fine of more than $750,000 earlier this year.
In a span of four years, Juventus has absorbed nearly €700 million ($750 million) in cash from shareholders, of which Exor provided about two-thirds, according to Reuters.
In the holding company’s portfolio, the Turin-based club is the only major business not making money at the moment.
In 2022, the club faced a significant loss of €239 million ($257 million) and its men’s team didn’t win any titles, Exor’s annual report published in April reveals.
Juventus declined Fortune’s request to comment further on reports of its sale beyond Exor’s denial of the claim.
The Agnelli empire, which has stakes in Ferrari, Stellantis, and shoe brand Christian Louboutin, is among the most influential business families in Italy.
About 53% of Exor is owned by the Agnellis, whose patriarch, Giovanni Agnelli, founded the automaker Fiat. He acquired Juventus in 1923. The holding company has a market cap of over $21 billion.
Exor recently bought a 15% stake in tech company Philips worth $2.84 million. It’s set to announce half-year results later this week.