In the two days following the video and the article by Misterhelmet, a mess happened. Someone has copied, someone has denied, someone has enriched the news to show that they know something and have not copied. Attention has focused on MotoGP but it is a mistake.

 

 

After the video and the piece by Misterhelmet, the big sites came out with ease. GPOne reassembled the piece with some data and at 9.30 pm the next day, it came out.
At 11.35pm Speedweek  a puppet site owned or heavily sponsored by Redbull, practically, came out saying that he had known about it for years, etc etc. He knew it but he waited to come out at midnight like ghosts. Mystery of Halloween.

Then there are the thieves of the thieves, a French paddock gp site that came out today citing the two sites above and not MISTERHELMET and writing that the news came from two well-informed sites. Lie.

Obviously few mention Misterhelmet and if they do they do it without the hypertext, so that people can’t click and have to go find the blog. This is the case with Motorcyclesport which comes out in various languages.

NO problem. It indicates that the delay has been suffered but the problem is that now everyone to show what they know is starting to personalize the news and there is a risk of getting out of reality.

What could happen now?
Now I tell you what could happen and when. OBVIOUSLY ACCORDING TO ME.
There will be a KTM press conference at EICMA where certain things can happen.

1) KTM confirms
2) KTM denies why it has to do the due diligence, i.e. the control etc and because there can be a counter-move of pride.

The russian reaction!
The Russians were pissed off not so much by the takeover by KTM because they actually wanted to sell MV and there were also Malaysian buyers ready on behalf of a fund, but by the fact that it emerged that MV is in trouble because they were not capable, which is undeniable. So in trouble that the Malaysians fled at the sight of the MV financial situation.
So  Sardarov could either raise the price and try to sell better or raise the price too high to make the deal jump and then inject more capital.

This would move the MV question and would not solve it, however in the short term.
But the problem is not an injection of money every now and then but a real industrial plan.

The Russians, in their total inability of recent years, have shown that they do not have it, KTM instead has everything it takes, including brand and market motivations.

The purchase of the Ferrari of the motorcycles;  this is MV,  a very important move for KTM THAT DOES NOT HAVE A HIGH RANGE and even if it is bad from a sentimental point of view, since it is bad for an Italian brand to be bought like this, it is still the rescue of a brand that would otherwise agonize for another 10 years in the hands of a makeshift property.

This is how the news on MotoGP was born!
And now the MotoGP issue. It was my guess. In the video, therefore, I said: how beautiful would an MV branded MotoGP be. It was just a wish and that’s why I had a graphic friend of mine make a mockup.
It came out in two colors. With a blue background in my site and a gray background in yours.
They all copied the second because there were too many logos in mine.

I can therefore understand that KTM denies MotoGP because it is a step too far into the future but it is the only imaginative thing in the news.

Of all the very important news, what have the neirdoes detected, among which there are above all the desperate journalists from clicks who groped in the dark because they know nothing? The most imaginative thing. MV in MotoGP which resulted in titole orgasms and crunchy shorts for clickbaiters. But that’s not the most important thing.
The most important thing is why KTM wants MV.

The most important thing therefore is not the Motogp, who cares, but the saving of a brand, a company and jobs. Instead, 90% of the comments focused on the more exotic part.
But it is not 100% the fault of the public because after we have seen Gas Gas in MotoGP, something ridiculous, it is obvious that any brand is a smarter and more pleasant choice.
Now all that remains is to follow the story.

The 2-step acquisition effectively saves MV Agusta from certain failure. But the road is still uphill!

 

 

The news is already in the title so all that remains is to go to the reasons and details, starting with a photograph of the recent corporate situation of MV Agusta, a glorious brand but full of problems that risk compromising its future. In fact, that of KTM is, for the Varese-based company, the last chance. A lifesaving move.

How did we get there?
Founded in ’45 (11 years after KTM) and with glorious vicissitudes, in recent years it is a company that has struggled, practically gasped. The world titles are just a memory and what the company is paying for is still the second crisis of 2004-2016.

First key moment
In 2008 the senseless purchase by Harley-Davidson of the MV Agusta Group INCLUDING THE CAGIVA BRAND (you will find out the reason for the capital) for 70 million i save the company then resold a year later for 1 euro after a 40 million investment  of Harley and the birth of the F3.
Why 1 euro? Because Harley Davidson still owes some money and prefers a quick and painless exit, thus agreeing, also by virtue of the difficult financial situation of those years.

The Germans arrive
Too rapid growth, bad financial management, increased debt, non-existent sales network and lack of spare parts bring the company into the arms of Mercedes-AMG in 2014.
But the Germans are wrong. They buy only 25% of MV Agusta for 25 million euros and, at the beginning of 2016, try to sell non-essential assets with debts of over 40 million by dropping their shares below 20%.
This allows banks to demand repayment of the debt. Bad.
Suppliers begin to refuse the shipment of components and spare parts and MV Agusta seeks first help in court.
Added to this is the flooding of Lake Varese with flooding of the plants and the company is asking for 15 million in funding for (this is the official reason) to recover and expand its range of action abroad, in particular the United States, South America and Asia.
In March 2016, the Varese Court approved the “Agreement of continuity” protection act with some constraints: reducing production from 9,000 motorcycles per year to 6,000-7,000 , reducing research and development costs by 15 million euros to 7 million and finally reduce the expenses for the “Reparto Corse” (racing department) from 4 million euros to 600,000.
There are also layoffs of around 200 employees and threats from suppliers who do not deliver the materials to build the bikes and assist customers. MV gasps until 2017 when Mercedes AMG leaves without having done anything.

The Russians are coming!
It is time for the Russians, who together with Giovanni Castiglioni’s MV Holding buy 25% of MV from the Germans and declare that they are back in profit.
The new company puts in 40 million by launching new products and restructuring (perhaps) the sales network, a historic weak point of MV.
The capital increase is carried out by GC Holding , the company of Giovanni Castiglioni, and by ComSar Invest SA , the Luxembourg investment fund of the Anglo-Russian group Black Ocean of Rashid Sardarov , who works as an oil tanker and has a fortune of 4 billions of dollars.
The company is entrusted to Sardarov’s sons, Timur in particular becomes CEO , with Giovanni Castiglioni at his side.
It will never be a peaceful relationship and there is eternal conflict.
An example is the Lucky Explorer Project , a motorcycle heir to the Cagiva Elephant which, however, does not carry the Cagiva brand due to a dispute between the Russians (who believe they have acquired the brand as Harley Davidson and Mercedes did) and Castiglioni who instead claims it for if not included in the acquisition agreement. It’s just the tip of the iceberg of internal malaise.

The present

The agreement with KTM AG, a subsidiary of Pierer Mobility , which is in charge of distributing the Varese motorcycles in Canada, the United States and Mexico, arrives in September 2022 .
It is a simple distribution agreement but the orange Pac Man , which enters companies as a distributor and then eats them as in the video game, is finally interested in acquiring the majority of MV Agusta by 2023 and 100% by 2024.

A few things to fix
A long-standing arrangement with creditors (2016), a due diligence to be carried out and a verification of the “business mess”, make things feasible but complex.
In fact, there is a chronic delay in payments to suppliers and spare parts dealers (who work poorly and compromise the production capacity and reliability of the motorcycles), a tug-of-war on various issues between the Russians and Castiglioni and an assessment of the real industrial capacity of the company, elements necessary to quantify the acquisition.
The idea is to clean up the company organization charts and the management, (full of friends of friends with a purchasing campaign made up of superstar managers who do not “perform”), restore credibility to the product (which is excellent even if spoiled by relationships with suppliers) and reorganize the marketing and sales network.

According to some rumors , the production would remain in Italy while the whole management aspect would move to Austria.
Other voices speak instead of an interest of local authorities to purchase the facilities on the lake to convert them for tourism purposes.
After all Husqvarna , which would belong to the same industrial family, seems to have space in Cassinetta di Biandronno and money would be handy.

For KTM, a renowned leader in off-roading, extremely powerful in small motorcycles (in Asia together with CF Moto ) and strong with a highly organized sales network, a road and track sports brand of real and indisputable prestige would finally arrive. Other than Gas Gas! An MV Agusta MotoGP would be truly credible and sensible and would also appeal to Dorna.

And so what looks like an “Anschluss” , a painful German annexation of an impotent competitor, is ultimately a good move for everyone.
The alternative, with the current situation, is to fail for real, once and for all. We’ve seen far too many glorious brands in lawyers’ drawers.

L’acquisizione in 2 step salva di fatto MV Agusta da un fallimento certo. Ma la strada è comunque in salita!

 

 

 

La notizia è già nel titolo quindi non resta che andare sulle motivazioni e sui dettagli, a partire da una fotografia della recente situazione aziendale di MV Agusta, marchio glorioso ma pieno di problemi che rischiano di comprometterne il futuro. Quella di KTM è infatti, per l’azienda di Varese, l’ultima occasione.
Una mossa salvavita.

Come ci siamo arrivati?
Fondata nel ’45 (11 anni dopo KTM) e dalle vicissitudini gloriose, negli ultimi anni è un’azienda che ha fatto molta fatica, praticamente ha rantolato.
I titoli mondiali sono solo un ricordo e quella che l’azienda sta pagando è ancora la seconda crisi del 2004-2016.

Primo momento chiave
Nel 2008 l’acquisto senza senso da parte di Harley-Davidson del Gruppo MV Agusta INCLUSO IL MARCHIO CAGIVA (scoprirete il motivo del maiuscolo) per 70 milioni salva l’azienda rivenduta poi un anno dopo per  1 euro dopo 40 milioni di investimento da parte di Harley e il parto della F3.
Perché un euro? Perché Harley Davidson deve ancora dei soldi e preferisce un’uscita rapida e indolore, mettendosi d’accordo così, anche in virtù della difficile situazione finanziaria di quegli anni.

Arrivano i tedeschi
Crescita troppo rapida, mala gestione finanziaria, aumento dei debiti, rete vendita inesistente e mancanza di ricambi portano l’azienda nelle braccia di Mercedes-AMG nel 2014.
I tedeschi però sbagliano. Di MV Agusta acquistano solo il 25% per 25 milioni di euro e, all’inizio del 2016, cercano di vendere asset non essenziali con debiti di oltre 40 milioni facendo scendere le loro quote al di sotto del 20%.
Questo consente alle banche di esigere il rimborso del debito. Male.

I fornitori iniziano a rifiutare la spedizione di componenti e ricambi e MV Agusta chiede un primo aiuto in tribunale.
Si aggiunge l’esondazione del lago di Varese con allagamento degli impianti e l’azienda chiede 15 milioni di finanziamento per (questa la motivazione ufficiale) riprendersi e allargare il suo raggio d’azione all’estero, in particolare Stati Uniti, Sud America e Asia.
Nel mese di marzo 2016, il tribunale di Varese approva l’atto di protezione “Concordato di continuità” con alcuni vincoli: ridurre la produzione da 9 000 motociclette all’anno a 6 000-7 000, ridurre i costi di ricerca e sviluppo da 15 milioni di euro a 7 milioni e infine ridurre le spese per il “Reparto Corse” da 4 milioni di euro a 600 000.
Ci sono poi licenziamenti di circa 200 dipendenti e minacce da parte dei fornitori che non consegnano i materiali per costruire le moto ed assistere i clienti.
MV Boccheggia fino al 2017 quando Mercedes AMG va via senza aver fatto nulla.

Arrivano i russi!
E’ il momento dei russi, che insieme alla MV Holding di Giovanni Castiglioni acquistano il 25% di MV dai tedeschi e dichiarano di essere tornati in utile.
La nuova società mette dentro 40 milioni lanciando nuovi prodotti e ristrutturando (forse) la rete vendita, punto debole storico di MV.
L’aumento di capitale viene effettuato da GC Holding, la società di Giovanni Castiglioni, e da ComSar Invest SA, fondo di investimento lussemburghese del gruppo anglo-russo Black Ocean di Rashid Sardarov, che di mestiere fa il petroliere ed ha un patrimonio di 4 miliardi di dollari.

L’azienda è affidata ai figli di Sardarov, Timur in particolare diventa CEO, con Giovanni Castiglioni al suo fianco.
Non sarà mai un rapporto pacifico e c’è eterno conflitto.
Un esempio è il Lucky Explorer Project, una moto erede della Cagiva Elephant che però non porta il marchio Cagiva per un contenzioso fra i russi (che ritengono di aver acquisito il marchio come avevano fatto Harley Davidson e Mercedes) e Castiglioni che invece lo rivendica per se in quanto non incluso nell’accordo di acquisizione. E’ solo la punta dell’iceberg del malessere interno.

Il presente
E’ settembre 2022 il momento in cui arriva l’accordo con KTM AG, sussidiaria di Pierer Mobility, che si incarica di distribuire le moto di Varese in Canada, Stati Uniti e Messico.
E’ un semplice accordo di distribuzione ma il Pac Man arancione, che nelle aziende entra come distributore e poi le mangia come nel videogame si rivela interessato, finalmente la notizia, ad acquisire la maggioranza di MV Agusta entro il 2023 e il 100% entro il 2024.

 

Un po’ di cose da sistemare
Un concordato preventivo di lungo corso (2016), una due diligence da portare avanti e una verifica dei “casini aziendali”, rendono le cose fattibili ma complesse.
Ci sono infatti un ritardo cronico nei pagamenti a fornitori e ricambisti (che lavorano male e compromettono la capacità di produzione e l’affidabilità delle moto), un braccio di ferro su vari temi fra i russi e Castiglioni e una valutazione della capacità industriale reale dell’azienda, elementi necessari per quantificare l’acquisizione.

L’idea è quella di fare pulizia negli organigrammi aziendali e nella dirigenza, (ricchi di amici degli amici con una campagna acquisti fatta di manager superstar che però non “performano”), ridare credibilità al prodotto (che è ottimo seppur viziato dai rapporti con i fornitori) e riorganizzare marketing e rete vendita.

Secondo alcuni rumor la produzione rimarrebbe in Italia mentre tutto l’aspetto gestionale, si sposterebbe in Austria.
Altre voci parlano invece di un interesse degli enti territoriali ad acquistare gli impianti sul lago per riconvertirli a fini turistici.
Del resto Husqvarna, che sarebbe della stessa famiglia industriale, pare disponga di spazi a Cassinetta di Biandronno e dei soldi farebbero comodo.

Per KTM, leader blasonato nel fuori strada, potentissimo nelle moto piccole (in Asia insieme a CF Moto) e forte di una rete vendita organizzatissima, finalmente arriverebbe un marchio sportivo stradale e da pista di reale e indiscutibile prestigio. Altro che Gas Gas! Una MotoGP MV Agusta sarebbe veramente credibile e sensata e farebbe gola anche a Dorna.

 

E quindi quella che sembra una “Anschluss”, una annessione dolorosa alla tedesca di un competitor impotente, è alla fine un mossa buona per tutti.

L’alternativa, con la situazione attuale, è quella di fallire per avvero, una volta per tutte.
Di marchi gloriosi finiti nei cassetti degli avvocati, ne abbiamo visti fin troppi.