Volkswagen and FIGC renew partnership as cash-strapped Juventus secure $16 million
Volkswagen Italia, the Italian-based subsidiary of the automotive giant Volkswagen, has extended its partnership with the Italian Football Federation (FIGC) until 2026. This agreement, which was first established in 2023, will now encompass sponsorship for various Italian soccer teams, including the men’s, women’s, futsal, beach soccer, and e-sports divisions.
The primary objective of this partnership is to showcase Volkswagen’s eHybrid plug-in hybrid range to a broader audience through association with the FIGC. The collaboration was recently launched during the Nations League Quarter Finals matches featuring Italy and Germany on March 20 and 23. Andrea Alessi, director of Volkswagen Italia, expressed enthusiasm about the renewal of this partnership, emphasizing Volkswagen’s longstanding dedication to supporting the sport of football both in Italy and on an international scale.
Volkswagen Italia’s affiliation with the Italian National Team dates back to the men’s FIFA 2006 World Cup victory in Germany, where they served as the official mobility partner. The automotive giant also played a pivotal role during the UEFA European Championships in 2021, providing automotive support as Italy emerged victorious in the tournament held in England.
Meanwhile, Juventus, one of the most prominent soccer clubs in Italy, is facing financial challenges following the sudden departure of manager Thiago Motta. In response to their financial instability, the club’s top shareholders, the Agnelli family, who have been integral to the club’s ownership since 1923, have committed to injecting €15 million ($16 million) into the club through their Exor holding company. This financial assistance comes at a crucial time for Juventus, which has struggled to maintain financial stability amidst recent setbacks on the field.
Juventus’ decision to replace Thiago Motta with former player Igor Tudor reflects their commitment to securing better results for the remainder of the season. The impact of two consecutive substantial losses has left Juventus languishing in fifth place in the Serie A standings. As a consequence, the club is reevaluating its financial performance for the current and upcoming financial quarters, as well as forecasting its future financial projections for the 2025-2026 fiscal year.
Despite facing financial turbulence in recent years, Juventus remains resolute in pursuing its long-term financial objectives. The club’s management aims to maintain consistent financial growth while acknowledging the need for immediate financial support. The board of directors will make a final decision on the extent of financial assistance required post the conclusion of the current season in May, following which the club will embark on its summer transfer activities by the end of August.
While Juventus managed to secure a modest profit in the first half of the current fiscal year, largely attributed to their participation in the lucrative Champions League, they anticipate a full-year financial outcome devoid of significant profits. This financial uncertainty follows a substantial loss of €199.2 million ($223 million) during the 2023-2024 financial year, with previous years also witnessing significant financial losses.
The road to financial recovery for Juventus includes a strategic reassessment of their financial structure and performance. By addressing immediate financial concerns and implementing long-term financial planning, Juventus aims to navigate through the turbulent waters of financial instability. The club remains steadfast in its commitment to upholding financial transparency and industry standards, as it strives to restore financial stability and profitability within the organization.