Juventus Financial Needs: Agnellis Secure $16M Cash Boost
MILAN (Reuters) -Juventus may need more money to steady its finances after parting ways with manager Thiago Motta, the Italian soccer club said, adding its top shareholder had agreed to provide 15 million euros ($16 million) ahead of a potential share issue.
Juventus, which has been controlled by the Agnelli family for a century, has been forced to raise around 900 million euros from its shareholders over the past six years.
Agnelli-owned Exor has agreed to make a 15 million euro cash contribution against a potential future new share issue, the club said late on Friday.
Juventus this month replaced Motta with former player Igor Tudor after two consecutive heavy defeats in a disappointing season, with the club standing fifth in Serie A.
The club said recent performance on the field and Motta's departure had prompted it to reassess results for this quarter and next, as well as prospects for the 2025-2026 financial year.
Juventus' financial year runs from July 1 to June 30.
The club said overall targets under its plan through 2027 still stood, but the review had highlighted the potential need for a cash injection, ranging from 15 million euros to as much as 10% of its market value.
Juventus was worth 1.14 billion euros at Friday's closing price.
Exor could cover the cash call in full but would invest at least enough to keep its stake unchanged, Juventus said.
A final decision on the capital hike will be taken after the current season and the summer transfer campaign for players.
Juventus swung to a profit in the first half of this fiscal year, thanks to its return to Europe's lucrative Champions League competition, but it does not expect a net profit for the full year.
The club was docked 10 points in the 2022-23 season and banned from European competitions in 2023-24 after accounting issues. It denied any wrongdoing and said its accounting was in line with industry standards.
($1 = 0.9238 euros)
(Reporting by Valentina Za and Francesca Landini. Editing by Gavin Jones and Mark Potter)
