Juventus are preparing for another financial intervention from their ownership, with Exor set to underpin a proposed capital increase of up to €250 million as the club attempts to turn sporting recovery into a sustainable business plan.
The board has approved accounts showing a €66 million loss for the year ending 30 June 2026, Juventus’ ninth consecutive annual deficit. Consolidated net equity has consequently fallen to €12 million. Shareholders will meet on 3 November to consider granting the board authority for the new capital operation, which is expected to be completed by December.
Exor, the club’s majority shareholder with 65.4%, has committed to subscribing for its entitlement and, if necessary, taking up any shares left unpurchased by other investors. It will also make an immediate €60 million advance payment. The eventual size of the issue will be decided by the Juventus board once shareholder approval has been obtained, meaning it could come in below the €250 million ceiling.
Ownership backs the next phase
The scale of the proposal goes beyond the club’s immediate balance-sheet requirement. Juventus’ own planning indicates that the funding required for the current financial year and, to a lesser degree, the following one would represent roughly 45% to 50% of the maximum authorised amount, assuming sporting results across 2026-27 to 2028-29 broadly return to the levels achieved before last season.
That leaves room for a wider rebuilding programme. The planned funds are intended not only to restore the club’s capital position, but also to support football operations, strengthen the Juventus brand and improve strategic property assets, with Allianz Stadium specifically identified as a priority. The message from the ownership is that the club’s competitive standing is inseparable from its long-term financial direction.
Exor described its decision as further evidence of its lasting commitment to Juventus and its belief in the club’s underlying value. It is a significant statement after several difficult seasons: Juventus have not won the Scudetto since 2020 and will not play in this season’s Champions League.
Reports suggesting that Ginevra Elkann, John Elkann’s younger sister, could take the Juventus presidency were rejected by both the club and its controlling shareholder. The immediate development, instead, is continued backing for the existing project rather than a change at the top.
Champions League return shapes the plan
Missing the Champions League is expected to deepen this season’s losses. Juventus estimate that participation in the Europa League rather than Europe’s premier competition costs between €50 million and €70 million in reduced revenue. Their business plan forecasts a gradual improvement in the 2027-28 and 2028-29 accounts, but that projection is closely tied to returning to the Champions League.
The club’s reasoning is clear: a stronger Juventus on the pitch should lift matchday, commercial and UEFA income, while cost rationalisation helps bring the accounts towards economic and financial balance by 2029. The proposed capital increase is therefore designed to give the club space to pursue sporting improvement without being forced into a short-term retreat.
This summer’s transfer window offered an indication of that approach. Juventus committed €109 million to acquisitions, while sales produced only €7 million in capital gains. The resulting negative financial impact was €94 million, spread over four years. Rather than generating a large immediate return through player departures, the club chose to preserve its football assets.
Further investment is anticipated in future windows, within UEFA’s financial restrictions. The calculation is that a club capable of consistently challenging near the summit of Serie A, while regularly qualifying for the Champions League, will be better placed to rebuild its revenues and eventually reduce its dependence on shareholder funding.
Since 2019, Juventus have already completed four recapitalisations totalling €998 million, of which Exor has provided €637 million. Tether, Juventus’ second-largest shareholder with an 11.5% holding, contributed €11 million in the previous capital call. Should the new issue reach its full €250 million value, Exor’s share would be about €164 million, taking the Elkann-Agnelli family holding company’s commitment to around €800 million over seven years.
For Juventus, then, the coming capital increase is more than a response to another loss. It is the ownership’s wager that the club can recover its place in the championship’s leading group, restore the Champions League routine that underpins its finances, and make the next period of investment the bridge to stability rather than another temporary rescue.
