Rome, goodbye to the Stock Exchange: Consob has given the go-ahead.  The last Friedkin sprint

A climb from 27 million to reach 95% of the shares by 8 July: this is why the Friedkin club has chosen to leave

You can also enter the future by taking the door and walking away. This is what Roma intends to do in relation to the Stock Exchange, from which it intends to exit as soon as possible. The Friedkin family, as in everything they do, appears very determined, so much so that it is already the second time that they try this type of operation, the “delisting”, which involves savings in time and money that could be more usefully invested in the football “core business”. In November 2020, however, the attempt bore meager fruit, given that – starting from around 86% – only 1.6% of the shares had changed hands. Too little to reach the 95% threshold that is needed to start the procedures for exiting the Stock Exchange.

Up to 27 million

Net of the philosophy behind whether or not to list Italian companies on Piazza Affari, certainly the small shareholder who holds his own package certainly does not want to speculate, but rather feel part of a world that also feels his own from the point of view. from a sentimental point of view. If you think that on May 23, 2000, when he went public, a share in Rome was worth € 5.5, while yesterday at the close of the list it was about € 0.42. In short, the widespread shareholding thinks with the heart and not with the portfolio. Precisely for this reason, Rome, in order to try to convince those who would not want to part with their package, in addition to paying, has promoted loyalty operations that make these “super fans” remain in some way special. In any case, US owners have been buying free float since May 11. In the 15 acquisitions made so far they have already raked in 18,755,838 shares, investing 7,980,934.94 euros, but this is only the first part of the operation, which can raise the Friedkins to no more than 90%. In fact, after having forwarded all the required documentation to Consob for days, the go-ahead from the controlling body of the Stock Exchange arrived yesterday. This will make it possible to climb up to the fateful 95% share and initiate the exit from the actual stock exchange. To do so, the club owners are ready to invest up to 27 million, but all this will free Roma from a series of constraints that those listed on the Piazza Affari must have, allowing for a series of scale savings in perspective. The listing, in fact, involves obligations and controls that drain men, resources and above all time, which the company wants to use much more usefully to strengthen the company. The message that comes from the management is clear: for an Italian football club, with all the limits it has to face, staying on the stock market is anachronistic, because it does not provide any kind of advantage.

Capital increases

Impressions? Now that the results of the field are also proving the American tycoons right about the goodness of their strategies, it must not overshadow how much money they have so far introduced into the company even before the new attempt at “delisting”. In addition to the 199 million for the acquisition, in fact, for the management of the club the Friedkin have invested 370 million in just 22 months (on average, almost 17 million per month), virtually concluding months earlier than the 31 December expected. that recapitalization of 460 million started by the consortium of former president Pallotta. But the new owners will not stop there because, to settle the still shaky accounts – at the end of the month the losses will be over 150 million – they are ready to start a new capital increase as early as next year, giving even greater solidity to the corporate structure. . What it takes to support the ambitions of José Mourinho and of themselves. It is no coincidence that, on the night of the victory of the Conference, the Friedkins said to those close to them: “We are convinced that Roma can grow further and soon reach the highest levels.” The farewell to the stock exchange and the construction of the new stadium, therefore, could make everything easier. Precisely for this reason the farewells – in Piazza Affari as at the Olimpico – can sometimes be used to grow.

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