Juventus is back to ask its shareholders for money. The Board of Directors has approved the balance sheet until June 30, 2026 and has decided to ask the assembly for approval for a new capital increase of up to 250 million euros. Meanwhile, Exor, the holding company of the Agnelli-Elkann family and the club's main shareholder, will immediately prepay another 60 million.
It is the final chapter of a story that began in 2019. Since then, Juventus has approved capital increases of 300 million euros in 2019, 400 million in 2021 and almost 200 million in 2024, to which another intervention was added in 2025. With the newly announced operation, the potential amount of contributions requested from shareholders since 2019 thus reaches around 1.25 billion euros.
Why Juventus continues to need new capital
The first increase came when Cristiano Ronaldo's Juventus, with president Andrea Agnelli at the helm, was still aiming to grow in Europe and the world. Then Covid completely changed the scenario: the club estimated its economic impact at around 320 million euros and in 2021 another increase of 400 million euros became necessary.
In the following years came other losses and, above all, the sporting procedures of 2023. Juventus was penalized with 10 points in the capital gains issue and was subsequently excluded from the 2023-2024 European competitions by UEFA for violating the European regulatory framework and the previous settlement agreement.
The most serious economic consequence was playing an entire season without Europe. Juventus itself has calculated that the direct revenue lost compared to the average of the previous three seasons is around 90-95 million euros, adding that there were also indirect effects. The balance sheet for 2023-2024 closed with a loss of 199.2 million euros, and it was precisely in that period that the capital increase of almost 200 million euros came.
Juventus has lost another 66 million in the last year
The return to the Champions League helped to significantly reduce losses in 2024-2025, which fell to 58.1 million euros. However, balance has not yet been reached. The balance sheet for 2025-2026 closes with another 66 million euros in losses, while net financial debt has increased from 280.2 to 331.1 million euros. And this despite the fact that the company has reduced operating costs by more than 42 million euros. Now the Champions League problem returns: in the 2026-2027 season Juventus is playing in the Europa League (which does not guarantee the same income as the most prestigious competition) and the company predicts another financial year with losses.
Juventus do not need all 250 million euros immediately
However, there is an important difference. The 250 million euros now requested do not represent a hole that must be filled immediately, but the maximum ceiling of the capital increase that the Board of Directors wishes to be authorized to make. According to the scenario envisaged by the company, in fact, the need for this season and, to a lesser extent, for the following season is equal to around 45-50% of the maximum amount: from 112.5 to 125 million euros. Having up to 250 million euros available would, in the meantime, allow even the worst scenarios to be faced and finance the team's investments and competitiveness. In this regard, Exor has already guaranteed its support and will immediately pay 60 million euros.
The most impressive figure, however, remains that of the last seven years. Since 2019, shareholders have continued to finance Juventus, while, in the seven financial years from 2019-2020 to 2025-2026, the club has accumulated almost a billion euros in losses. The first increase of 300 million euros was supposed to accompany the growth of CR7's Juventus. Then came Covid, losses, sporting procedures and a season without Europe. Now new capital is needed again. Seven years and more than a billion euros later, Juventus continues to need its shareholders to finance a growth that is still not able to support itself.
