• Italy's news in English
 
app_header_v3
Buffon blew €20 million in bid to save Italian jobs
Juventus and Italy 'keeper Gianluigi Buffon reportedly sank €20 million of his own money into an Italian textiles company to save its workers from losing their jobs. Photo: Christina Quicler/AFP

Buffon blew €20 million in bid to save Italian jobs

The Local · 31 Dec 2015, 07:29

Published: 31 Dec 2015 07:29 GMT+01:00

The 37-year-old Juventus star first invested in the home textiles company, Zucchi, in 2009 – taking a two percent stake in the historic brand.

Buffon stated that his intention was to “relaunch the company and with it a piece of the Italian economy,” La Stampa reported.

But the veteran goalkeeper's investment soon found itself in trouble.

In 2011 the company's profits drastically fell. But rather than sell his small stake in the stricken company, he reportedly invested over €20 million of his own money in a series of capital investments in order to try to prevent the company's 1000 workers from losing their jobs.

In doing so Buffon's stake in Zucchi slowly increased from two percent to 11, then to 19 and finally by 2014, he owned 56.3 percent. But the company was still facing failure with debts of over €85 million.

The Italy star's investment may have been an economic disaster but it did manage to keep the wolf from the door for long enough.

Story continues below…

In October the company was sold to French creditors Astrance Capital, with Buffon's safe hands retaining a 15 percent minority stake.

According to sports website Sportstardom, Buffon was the 13th richest footballer in 2015 and has an estimated net worth of €66 million.
 

For more news from Italy, join us on Facebook and Twitter.

The Local (news@thelocal.it)

Your comments about this article

Today's headlines
Pope cars auctioned off to help Syrian refugees
The cars have personalized number plates. Photo: AFP

Got a spare €9,000?

Renzi revives plan for a 'bridge to Sicily'
Renzi said the bridge would "bring Sicily closer". Photo: Sarah Murray/Flickr

The bridge was first dreamed up in the 1960's, but no prime minister has succeeded in bringing it to fruition.

‘Destitute’ private jet owner fined thousands for tax fraud
The private jet-owner claimed to have no income or property. File photo: Bob Adams/Flickr

He had a private aeroplane and eight homes.

Italian mayor refuses to officiate civil unions
A protest in favour of civil unions earlier this year. Photo: Giuseppe Cacace/AFP

“Why can’t a mayor be a conscientious objector?”

Netflix to launch 'illuminating' Amanda Knox documentary
Amanda Knox in court for her first appeal of her murder conviction. Photo: Tiziana Fabi/AFP pool/AFP

The documentary comes out on Netflix on Friday.

Venetians dress as pirates to protest cruise ships
A protestor at a previous demonstration against large ships. Photo: AFP

Locals aren't happy about the presence of huge cruise ships in the Venetian lagoon.

EU, Rome warn Swiss region over vote to curb migrants
Italian Foreign Minister Paolo Gentiloni. Photo: AFP

The southern Swiss region Ticino voted on Monday to curb job access for workers living across the border in Italy.

Italy's crunch referendum set for December 4th
The referendum has turned into a vote on Prime Minister Renzi's time in office. Photo: AFP

The proposed reforms are judged to be the most important in Italy since World War II.

Outcry in Italy over Swiss vote to ban foreign workers
Airolo in the Gotthard Pass. Photo: Dmitry A. Mottl

The Ticino region borders Italy, with 63,000 jobs there held by cross-border workers.

Italian doctors remove wrong kidney from sick man
File photo: Pexels

Doctors wondered why the man wasn't recovering after having his kidney removed...

Photo: Tiziana Fabi/AFP
Culture
Eight things you should know about Rome's Spanish Steps
Sponsored Article
Why Jordan is the ‘Different’ East
The incredible hero dogs of Italy’s earthquake
National
Why quake-hit Amatrice will never be the same again
National
Why discontented Italians could derail their economy
Society
Keep passports safe: Typical pickpocket scams revealed
Culture
Why coffee in Italy is a culture you must taste to understand
Society
The richest families in Florence in 1427 are still rich today
Culture
So why do pasta-loving Italians live such long lives?
National
Italy's Renzi prepares for stormy autumn
Society
This 104-year-old just saw the sea for the first time
National
Should Rome give up on its 2024 Olympic dream?
Society
The Italian doctor giving hope to thousands of migrants
Culture
Ten 'Italian' dishes that don't actually exist in Italy
Sport
Five Italian athletes going for gold at the Rio Olympics
Travel
Trastevere: From a fiery past to Rome’s souvenir stand
Politics
Think Trump would be a disaster? Just ask the Italians
National
How Brexit has helped to expose Italy’s banking malaise
Politics
After Brexit, keep a close eye on Italy's Five Star Movement
Lifestyle
12 mistakes foreigners make when moving to Italy
National
Why Milan could be Europe's post-Brexit financial hub
Travel
Five crowd-free alternatives to Italy's tourist hotspots
2,523
jobs available