06/30/2021 at 8:19 PM CEST
Juventus Turin announced on Wednesday that its Board of Directors has planned a capital increase of a maximum of 400 million euros to face the economic crisis caused by the coronavirus pandemic, in addition to naming Maurizio Arrivabene new CEO.
Juventus reported that its Board of Directors has calculated that “the total economic impact of the direct and indirect negative effects of the pandemic in the 2019-2022 period is about 320 million euros” and that, to face these losses, proposed a capital increase of 400 million that must be definitively approved in September 2021.
Exor, the main shareholder of Juventus, of the Agnelli family, gave his “support to the operation and promised to sign a share of capital increase that belongs to him, equal to 63.8%”, assures the Turin club.
“La Society plans to build a guarantee consortium for the subscription and release of new quotas hypothetically not subscribed and, for this reason, it has already started contacts with the main banking institutions “, he adds.
Arrivabene, who was director of the Ferrari Formula 1 team from 2014 to 2019, will take over as CEO of Juventus from this Thursday, July 1, after he was already a member of the Juventine Board of Directors since 2012.
In December 2019, Juventus closed another capital increase of 292.5 million euros within the scope of an economic plan for the 2019-2024 five-year period that should allow the club to continue growing at a sporting level and in strengthening its brand.
To this expansion was added another closed in February 2019 for a total of 175 million euros.
In recent years, Juventus has worked intensely to expand its entity both at a sporting level, with millionaire signings such as the Portuguese Cristiano Ronaldo, who paid 112 million euros to Real Madrid in 2018, as well as at an economic and international level.
In 2011 he opened his own stadium, the Allianz Stadium, built a new sports city a few steps from his coliseum, in Continassa, where J Medical, the club-owned medical clinic, also appears.
In addition, always in the Continassa neighborhood, the Juventine team opened the J Hotel, a four-star hotel structure in which the first team concentrates before their commitments and which is also open to tourists and fans since November 19.
Obviously, the coronavirus pandemic has notably cut Juventus’s growth plan, which has also collected negative results in the last two editions of the Champions League, falling both times in the round of 16 against a priori inferior teams such as Lyon and Porto.