Juventus turn to share issue in bid to plug €400m hole caused by Covid and collapse of European Super League project
Juventus hope to raise €400m via a share issue to compensate for heavy losses during the pandemic and the stalling of plans for a European Super League.
The Turin football club, current home to superstar Cristiano Ronaldo, said it expected losses for the 2019-2022 period to reach €320m.
Juventus were one of the driving forces behind plans for a breakaway European Super League, which promised each club an upfront payment of €200m-€300m but collapsed.
The 36-time Serie A champions have contacted banks about arranging a capital increase. The banks are reported to include BNP Paribas, Goldman Sachs, Mediobanca and UniCredit.
European football has been badly hit by Covid-19, with restrictions on fan attendance virtually wiping out some revenue streams.
Premier League clubs recorded their worst ever aggregate loss in 2019-20, the first season affected by Covid-19, Deloitte reported last month.
Juventus spent big to acquire Ronaldo in the hope of becoming European champions and elevating the club’s brand internationally.
The Portugal forward cost €100m to sign and is believed to earn around €30m a year, but since his arrival their fortunes have reversed.
Meanwhile, Juve have appointed the former team principal of the Ferrari Formula 1 team, Maurizio Arrivabene, as their new chief executive.