A large number of FCA workers have been on state-sponsored layoff schemes after the carmakers failed to launch new models in the recent past
A small union has called a strike at Fiat Chrysler’s Melfi plant in Italy after its main investor, the Agnelli family, decided to pay 100 million euros to land Portuguese superstar Cristiano Ronaldo to Juventus.
The investment holding firm of the Agnelli family, Exor, has a 64 percent stake in Juventus and owns 30 percent of carmakers Fiat Chrysler (FCA). Although both, the Turin-based club and FCA, are separate entities each managing their own operations and finance.
According to the report by BBC, the Unione Sindacale di Base (USB) union feels that spending a huge sum of money on Ronaldo means Fiat is missing out on investment.
“It is unacceptable that while the (owners) ask workers of FCA ... for huge economic sacrifices for years, the same decide to spend hundreds of millions of euros for the purchase of a player,” said the USB Union.
A plethora of FCA workers have been on state-sponsored layoff schemes after the carmakers failed to launch new models in the recent past. However, with a new investment strategy in place, Fiat claims that all employees across Italy shall return to work by 2022.
The independent union conducting the strike is not part of the larger national labour confederations and does not represent all workers at Melfi.
Amid concern that The Old Lady might have overpaid Real Madrid for the signature of the 33-year-old forward, football finance expert Rob Wilson, of Sheffield Hallam University feels otherwise."The marketing leverage that Juventus will be able to create will be significant. Added to that the likelihood that he will strengthen the team, it seems plausible that they will be more successful domestically and qualify routinely for the Champions League. That means more sponsors, more TV money and more prize money," he told BBC.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.