Agnelli family holding Exor NV on Monday denied a media report that it’s preparing to sell Juventus Football Club SpA, the storied Italian team that was penalized in league play last season for accounting irregularities.

Daily Il Giornale reported that the Agnellis were making moves in preparation for a sale, citing the family’s increasing focus on activities and investments outside Italy.

Juventus shares rose as much as 4.8% on Monday, the most since June 1 on an intraday basis, and traded up 3.1% as of 9:07 a.m. in Milan.

The Agnellis, one of the country’s richest and most prominent families, are the descendants of Fiat founder Giovanni Agnelli. The billionaire clan has holdings across the world including a stake in carmaker Stellantis NV — the multinational successor to Fiat — a recent investment in Koninklijke Philips NV, and The Economist Group.

Italy’s national football federation this year penalized Juventus for the accounting irregularities by effectively pushing it down in the top league’s standings, causing it to miss out on lucrative competitions like the European Champions League.

Juve Chairman Andrea Agnelli and the entire board resigned late last year amid the probe into the company’s financial filings.

The Turin-based team at one point won a string of top Italian league titles under Andrea Agnelli. But its reputation faded after an attempt to lead the breakaway European Super League, a project that crumbled just days after its launch as teams pulled out under fire from fans, politicians and sports officials.

--With assistance from Chiara Remondini and Flavia Rotondi.

(Updates with shares in third paragraph.)