Juventus tackles Man Utd share title

ITALY'S most successful football club, Juventus, is heading for a flotation next month at a valuation that will propel it to a close second place behind Manchester United in the European league of quoted clubs.

Juventus, owned by the Agnelli family, which also controls the Fiat industrial empire in the club's home town of Turin, is expected to make its stock market debut on 20 December. The sale of 35% of the club's shares through a flotation on the Milan bourse is expected to value the club at e430m to e530m (£267m to £330m), compared with about e570m for Manchester Utd.

Counting one in three Italians among its supporters, and with a healthy financial record, the club is expecting strong demand for its shares. Some 35% of the equity is expected to be offered in a float that will raise up to e85m in funds for the club.

The Agnellis, who own 99.6%, will sell their holding down to 81%, with the balance made up of new shares. Juventus will become the third Italian club to float, joining AS Roma and Lazio on the Milan bourse.

Much of the new cash is expected to be spent on the transfer market, where Juventus is still seeking a replacement for midfield star Zinedine Zidane, who left for Real Madrid in the summer. But the club also aims to become a broadly-based leisure business, with plans to buy its Delle Alpi stadium and create a Disney-style theme park.