Gaddafi Takes �14m Stake In Juventus
Wednesday 9th January 2002
Libyan dictator Muammar Gaddafi has paid �14 million to take a major stake in Juventus.
The investment makes him the club's second largest shareholder behind the Agnelli family, owners of Fiat, who have done business with the colonel in the past.
Gaddafi's firm Lafico (Libyan Arab Foreign Investment Company) bought the shares on the Milan stock market on Wednesday.
The investment could be a gift to the colonel's son Al Saadi, a big fan of the Bianconeri and president of the Al Ittihad football team. Gaddafi may also be looking for Juventus to help Libya qualify for the next World Cup.
Eugenio Bersellini was recently sacked as Libya boss but they have appointed another Italian in Franco Scoglio to succeed him.
Lafico has a long history of backing the Agnellis, who retain 63 per cent in Juventus. Gaddafi took a near 10 per cent stake in Fiat in the 1970s as president Gianni battled surging petrol prices.
"He has got petrol-dollars to invest and we need them," Agnelli explained at the time. "Now we have a possibility to contain the petrol price."
The idea was that, if oil-producing nations like Libya had a major stake in western businesses, they would have an interest in keeping fuel prices down.
Fiat bought the shares back ten years later, giving Gaddafi a �10 million profit, but Agnelli remained thankful to the Libyan leader for helping Fiat out in a period of difficulty.
