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The board of Juventus Football Club SpA (JUVE.MI) has approved a EUR120 million capital increase to strengthen the Italian Serie A club's finances and improve its team, according to a statement Thursday.
Exor SpA (EXO.MI), the investment vehicle of the Agnelli family behind auto maker Fiat SpA (F.MI), will fully subscribe to the proposed operation, which will be put to shareholders for a vote in October.
Not only will Exor put up the EUR72 million representing its 60% stake in the Turin-based club, but it will also underwrite an extra quota of up to EUR9 million, the statement said. The amount is equivalent to the 7.5% stake held by LAFICO. Since LAFICO is an investment vehicle of Libya, its stake is frozen as a result of the international sanctions imposed on the country, which is being ravaged by civil war.
In addition, Exor has agreed to establish a credit line of EUR70 million for Juventus as of July 1 to improve its cash flow. The line will remain open until the end of the year when the capital increase is scheduled to be completed.
UniCredit SpA (UCG.MI) is the coordinator of the capital increase, which will see the issue of new shares.
-By Gilles Castonguay, Dow Jones Newswires; +39 348 596 5667; firstname.lastname@example.org