“Elkann sells everything”: are Ferrari and Juventus the next candidates?
Industry, publishing, and historic assets: after a series of major divestments, attention is now turning to Juventus and Ferrari and their future within Exor and under the leadership of John Elkann. In recent years, John Elkann, the current owner of Ferrari through the Exor holding company, has overseen a deep transformation of the industrial and publishing perimeter historically linked to the Agnelli family.
This process has been defined by sales, spin-offs, and strategic downsizing, gradually reducing the weight of several Italian-based assets and shifting the group’s centre of gravity toward a more international and financially driven approach. The changes have been structural rather than temporary, signalling a long-term rethinking of priorities rather than isolated transactions.
Today, after the restructuring of both industry and publishing, one key question is circulating with increasing insistence: which assets are still truly central to Exor’s strategy? And above all, are Juventus and Ferrari still considered untouchable?
From print media to industry: a structural disengagement
On the media front, the GEDI Group, which is controlled by Exor, has entered advanced negotiations for the sale of its main publications, including la Repubblica and La Stampa, as well as several radio stations. While the operation has not yet been completed and does not involve the closure of newsrooms, it would nonetheless mark the Agnelli family’s exit from direct control of two historic pillars of Italian journalism.
At the same time, several major industrial divestments have already been completed. Magneti Marelli was sold between 2018 and 2019, Comau was largely divested in 2024, and Iveco is currently at the centre of a demerger operation that will take both its commercial vehicle division and its defence activities outside the group’s orbit. Fiat itself, as an autonomous Italian industrial group, no longer exists following the creation of FCA and its subsequent merger into Stellantis.
Juventus and Ferrari: symbolic assets, but not traditional industrial ones
In this context, Juventus and Ferrari represent two cases that are fundamentally different from the assets that have already been sold. They are not simply industrial companies, but global brands with enormous symbolic, sporting, and reputational value.
Juventus is controlled by Exor but operates in the football sector, an industry characterised by high economic volatility, constant media exposure, and unpredictable sporting results. In recent years, the club has required repeated financial interventions and capital injections, raising questions about its long-term sustainability as a purely financial investment.
Is Elkann selling Ferrari?
The situation is different when it comes to Ferrari. Exor retains a significant stake, and the Prancing Horse remains one of the most profitable and solid assets in the portfolio. Ferrari is a truly global brand, with extremely high margins, independent governance, and commercial strength that extends well beyond traditional automotive manufacturing.
For this very reason, Ferrari does not currently appear to be a natural candidate for divestment. On the contrary, it is often regarded as one of the assets most closely aligned with Exor’s long-term strategy, which is focused on high-quality, stable, and highly profitable shareholdings.
Legitimate questions, but no announced sales
In light of the facts, it is reasonable to ask questions about the future of Juventus and Ferrari, but it is equally important to distinguish between strategic analysis and speculation. As of now, there are no announcements, official negotiations, or concrete signals pointing to the sale of either asset.
What the path taken in recent years does show, however, is a clear trend: Exor no longer considers assets untouchable simply for historical or identity-related reasons. The real shift in mindset lies precisely here. History no longer dictates industrial choices; financial and strategic coherence does.
Within this framework, even symbolic brands such as Juventus and Ferrari are evaluated not only for what they represent, but for what they deliver and for the role they play within the group’s overall portfolio. The question therefore remains open, not as a prediction but as a reflection: after industry and publishing, which pillars will define the future of the Exor galaxy?
