Italian soccer outfit projecting €320m hit from pandemic for 2019/22 financial years.
- Juve say capital increase will support the club’s long-term strategic objectives
- Serie A side also bring in ex-Ferrari F1 team boss Maurizio Arrivabene as new CEO
- Club facing record losses of €185m for 2020/21, according to OffThePitch
Italian soccer giants Juventus have announced plans for a capital increase of up to €400 million (US$474 million) to support the club’s finances.
The Serie A outfit are expecting Covid-19 to cost the club approximately €320 million (US$379 million), both directly and indirectly, for the three financial years from 2019 to 2022.
Announcing the capital increase, Juve said it would support the club’s long-term strategic objectives for the period covering 2019 to 2014, including ‘sports competitiveness and economic-financial sustainability’.
In addition, Juve have brought in former Ferrari Formula One team boss Maurizio Arrivabene as their new top executive. The 64-year-old will oversee ‘all of the football business and any related powers’, including boosting the club’s sales operation.
- Uefa opens disciplinary proceedings against Real Madrid, Barcelona and Juventus
Juve had been hoping for a significant revenue boost for their participation in the European Super League (ESL), for which club chairman Andrea Agnelli had been one of the architects. However, plans for the breakaway competition fell apart within days amid a fierce backlash from fans and the withdrawal of the majority of teams.
According to OffThePitch, Juve are facing a whooping €185 million (US$219 million) loss for 2020/21. This was be a record for the club, beating the €95 million (US$113 million) loss it posted in 2010/11.
Juve also disappointed on the pitch last season. Bidding for their tenth consecutive Serie A title, the club could only scrape into fourth place and also exited the Uefa Champions League in the round of 16 stage.
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