Juventus Football Club S p A : plan share issue to plug €400m hole in finances
July 01, 2021 at 06:31 am EDT
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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.
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Juventus FC SpA is an Italy based football club. The Companyâs core business is participation in national and international competitions and the organization of matches while exploiting sports events, the Juventus brand and the team image including also the licensing of television and media rights, sponsorship, selling of advertising space, licensing and merchandising. The Company is active mainly locally.