Juventus patron John Elkann is reportedly in the Middle East to secure a new sponsorship deal for Juventus. Serie A has had a long-standing relationship with Saudi Arabia, with the league granting the Emir the organization of the Italian Super Cup and establishing a permanent branch in Riyadh.
Calciomercato report that clubs are also intensifying contacts to bring new investors into their balance sheets. Its well known that RedBird has been working for some time to refinance Elliott’s vendor loan, but what is less known is that Juventus have also traveled to Jeddah to establish and strengthen commercial ties in the Middle East.
The report outlines how John Elkann was present at the Formula 1 Grand Prix organized on March 10th to closely follow his Ferrari, but not only that. The heir to the Agnelli family was not alone, as reported by Corriere dello Sport; he was accompanied by several executives from the Bianconeri club.
The number one objective is not to find a minority partner to bring into the club (although the option remains on the table), but rather to quickly find a new shirt sponsor to replace Jeep. The current contract with the car company, which is part of the Stellantis group (of which the majority shareholder is Exor, the holding company of the Agnelli-Elkann family), will expire on June 30, 2024, and is worth €45 million per year (although the figures are variable, especially based on sporting performance). Elkann would like a partner capable of guaranteeing at least the same figures, but the search is certainly challenging.
