MILAN, July 4, 2012 – Football, like the economy, is made of cycles. And this, undoubtedly, is the time for Juventus. Because the Bianconeri continue to invest heavily in the market, while
inter and Milan have pursued austerity? The answer has a historical matrix: Calciopoli. The hell to which the Old Lady it has sunk has been also a kind of new beginning. Starting again from B, Juventus have rebuilt the house from the ground and, without ever happened to the times of the Triad, has had to drink from the source of the Family: two capital increases between 2007 and 2011, for a total of 225 million (including of small shareholders) injected into the coffers of companies.
Differences. It’s not that Moratti and Berlusconi are spared: in the same period one (with the minority shareholders) paid 567 million, the other 209. But this money were used to offset huge losses – in the case of
inter – the result ofloads of ninety-salaries and depreciation since the time of fat cows. Check out the aggregate of the three big deficit between 2007 and 2011: inter -665 million, Milan -245, Juve -121. Equal payments in the capital, Juventus has squandered the half of the red of AC Milan. Compared to the competition, in other words, the management more light of club of Agnelli has allowed to mature a perfect treasure. There is another parameter sensor: Monte-salaries. In 2010-11 the cost of labor is accounted for 193 million over Milan, for 190 to inter and only to 140 on Juve. The Bianconeri have managed to keep down the hiring also thanks to having to start from a lower level. Savings here, spend there: in the last 3 seasons on the market shopping (net of disposals) was 139 million, against the positive balances of inter (+15) and Milan (+25).
Scenarios. The difficulties of enterprises of the patrons of football explain much. Mediaset sold on the stock market 57.5% in 12 months; Saras does not distribute dividends since 2009. Exor is in good health, although the Fiat car sales plummeted 23% in a year. But the plots with football are more complex: the Agnelli family launched on the Juve a massive plan to return to the top in Europe. After -95 of 2011, according to analyst estimates of Banca IMI, this season should close with a loss of 50 million, covered by the resources of the last capital increase. And it provides a continuous improvement in the accounts (-18 hypothesized deficit in 2012-13; -3 in 2013-14) to get to breakeven in the next few years, thanks to proceeds from the Champions League and the new stadium. While the turnover of
inter and Milan are crystallized, that of Juve can move different levers. It is this scenario foreseeing that the Juventus dynasty decided to press on the accelerator.
source: GdS (by Marco Iaria)
adapted by: Mike Prise