Italy's Elkann backs Agnelli efforts to make soccer "more sustainable"

John Elkann, the chief executive of Agnelli family investment group Exor, said that soccer as a business was suffering structural weakness in Italy and Europe. "Andrea Agnelli, the Juventus chairman, has, therefore, advocated for changes in the industry's structure and governance to make it more equitable and sustainable for all those who love this sport," Elkann wrote in his annual letter to Exor shareholders.

The head of the group that controls Juventus said that reforms proposed by club chairman Andrea Agnelli were aimed at making soccer "more equitable and sustainable", in a sign of support for the European Super League project.

Agnelli was a prime mover in efforts to set up a European Super League last April but the plan fell apart quickly when nine of the 12 clubs involved dropped out. John Elkann, the chief executive of Agnelli family investment group Exor, said that soccer as a business was suffering structural weakness in Italy and Europe.

"Andrea Agnelli, the Juventus chairman, has, therefore, advocated for changes in the industry's structure and governance to make it more equitable and sustainable for all those who love this sport," Elkann wrote in his annual letter to Exor shareholders. John Elkann and Andrea Angelli, both 46, are cousins.

Exor controls Juventus with a stake of around 64% and its investments range from the automotive industry to tech, media and fashion. Turin-based Juventus and Spanish soccer clubs Real Madrid and Barcelona have never distanced themselves from the Super League project despite fierce criticism from fans, soccer governing bodies, and even governments.

Andrea Agnelli is also advocating for changes to reduce the power of UEFA, European soccer's governing body. Juventus, which completed a 400 million euro fundraising in December, said it expects to end the 2021-22 financial year with another significant loss after reporting a record loss of 209 million euros in the previous year.

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