Italian Club Owners Invest Billions In Their Teams To Cover Losses
The owners of Italian Serie A clubs Juventus, Inter Milan and AC Milan have "invested almost €2B ($2.6B) out of their own pockets into their clubs," according to the DPA. Italian sports newspaper Gazzetta dello Sport published a study that showed that Inter President Massimo Moratti has been "by far the most-generous owner." The CEO of energy company Saras has invested €1.16B ($1.5B) in his club over the last 17 years. Moratti has owned the club since '95. AC Milan Owner Silvio Berlusconi has invested €593M ($769M) in his team. The media tycoon and former Italian prime minister bought the club in '86. Juventus FC has been in the possession of the Agnelli family for decades. Since the club went public 12 years ago, the Fiat dynasty has put €225M ($292M) in its club. In all cases, "the money was used to cover losses or for new investments." The Gazetta dello Sport said that its "study only analyzed private investments of the owners" (DPA, 10/15).