With financial losses on the year and a very expensive star under contract, Juventus is going to the bank.
The Serie A club plans to raise $474 million through a new share offering. Juve has reportedly approached the banks it worked with on a $355.6 million capital raise in 2019: BNP Paribas, Goldman Sachs, Mediobanca, and UniCredit.
- Juve calculated the total cost of the pandemic at $379.5 million, from the 2019-2022 fiscal years.
- The club lost $134 million in the first half of the 2020-2021 fiscal year.
- Club revenue climbed steadily from $223 million in 2012 to $480 million in 2019. Revenue for this year is a projected $441 million.
The club’s future sales will be in the hands of former Ferrari racing team leader Maurizio Arrivabene, who was named club CEO on Wednesday.
The capital raise won’t become official until September, when the club’s board votes to approve it. Exor NV, the Agnelli family’s holding company, owns 64% of the club and has expressed its support for the move.
Cristiano Ronaldo is entering the final year of a four-year contract with the club that pays him $38 million annually. Juventus manager Massimiliano Allegri reportedly supports selling off Ronaldo to another club due to his hefty price tag.
Club director Federico Cherubini expressed confidence on Thursday, however, that Ronaldo will remain with Juventus.