September 14 2022, delisting completed: AS Roma's story in the stock market

September 14, 2022, the end of an era: A.S.Roma left the stock market (Borsa) after 22 years. On May 23rd, 2000, president Franco Sensi put 29% of the total capital, about 13 million shares, up for sale. The price was 10,000 Lire per share, which is valued at an exchange rate about 5.5 euros today. Roma was the second team in Italy to enter stock market. Roma followed the lead of the team Lazio, which entered the stock market in 1998. Lazio won the Scudetto, the following year. Roma also won Serie A that year. Another team, Juventus, entered the stock market in 2001, and won the Scudetto trophy the following year. 

In a modernized world, where every single transaction, in the market or on the field, would affect the value of the stock, any fan could become a shareholder and take part in the companies innerworkings. Despite Juventus winning the Scudetto trophy in 2002, its stock value was immediately at a loss. By December 31st, 2002, Juventus’s stock had lost about 78% of its initial listing. While many rumored that Franco Sensi's decision to join the stock market was to finance the purchase campaign, in 2009, Rosella, who succeeded her father, announced a capital increase. Rosella invited fans to become shareholders with the slogan "We don't want the moon, but to keep looking at the stars."

This was a real appeal to Roma fans, and encouraged them to buy shares in order to remain competitive and not give up the best players from their team. "The invitation is for everyone to become a shareholder, so as to keep AS Roma great together," Rosella Sensi said in 2009, "As on the pitch and at the stadium, our fans represent the twelfth man: now it is important that they go down to the stock market and that everyone participates in the capital increase, even with a small investment, because we need everyone's support.”

In 2011, the group led by Di Benedetto became AS Roma's main shareholder. Di Benedetto’s group acquired 67% of the available shares and launched a takeover bid for 33% of the remaining shares at a price of €0.678 per share. AS Roma became the first club with foreign ownership in Serie A. Following this, in 2012 Roma’s main shareholder switched from Di Benedetto to Pallotta. Then in 2018, Pallotta, launched an Offer of Unopted Rights following a capital increase, with a return of about 2.5 million shares.

In 2020 Roma’s main shareholder became Friedkins, which led to a mandatory takeover bid. This bid failed because of a proposed purchase price set at €0.1165 per share. This price was too small to convince shareholders to sell their shares. Then in 2022, Friedkins tried a second bid setting the price at €0.45 euros per share. This bid, coupled with the loyalty program, allowed Friedkins to achieve his goal set from his first day in the Capital: delisting.