Juventus are preparing to call on their shareholders again, with the board proposing a capital increase of up to €250 million to reinforce the club’s financial and balance-sheet position. The decisive figure in the operation will be Exor, the Agnelli-Elkann family holding company, but the response of Tether, Lindsell Train and the market’s smaller investors will determine how much of the issue must ultimately be covered by the controlling shareholder.
Exor owns 65.375% of Juventus and would, on a proportional basis, contribute roughly €164 million to a full €250 million increase. It has already moved first, confirming an immediate €60 million payment as an advance against a future capital increase. That sum will be assigned to Exor’s eventual subscription and remains solely for its account.
More importantly for Juventus, Exor has backed the entire recapitalisation plan, not merely its own percentage. The holding company has said it will subscribe for its entitlement and is willing to guarantee any shares left untaken by other shareholders or outside investors. In practical terms, Exor could become the final backstop for the whole operation and increase its stake should the issue not be fully subscribed elsewhere.
Tether is now Juventus’ second-largest shareholder with 11.527%. The digital-assets company, known above all for issuing the USDT stablecoin, has already shown that it is prepared to support the club financially. In the previous capital increase, it subscribed for around €11 million in order to preserve its position.
That approach was consistent with Tether’s public statement in April 2025, when it indicated that it was ready to take part in future injections of capital rather than accept dilution. At the end of 2025, Tether also made an offer to buy Exor’s entire Juventus shareholding, but the proposal was rejected, with Exor maintaining that it had no intention of selling. Should Tether subscribe in line with its current holding, its contribution to the new increase would be about €28.8 million.
Lindsell Train, the British investment manager founded in 2000 by Michael Lindsell and Nick Train, holds 6.2% and remains the club’s third-largest investor. Its Juventus position has declined over recent years, having once stood above 11%. There has been no confirmation that it will participate in the new issue, although maintaining its existing percentage would require an investment of approximately €15.5 million.
The remaining 16.9% is the free float, spread among retail investors, institutional shareholders and funds. The shareholder lists at past assemblies have included the International Monetary Fund, with 953 shares, the City of New York Group Trust with 1,598, and the European Central Bank with 26,751. Pension funds from several American states, including Colorado, New Mexico, Mississippi, Ohio, Alaska and Wisconsin, have also featured among the investors.
Those holdings are considerably smaller and more dispersed than the stakes controlled by Exor, Tether and Lindsell Train, making a united response from the market difficult to predict. If every shareholder were to take up shares proportionally, Exor would provide about €164 million, Tether €28.8 million, Lindsell Train €15.5 million and the free float around €42.3 million.
The key sum beyond Exor’s own allocation is therefore close to €86.6 million. That is the amount expected from Tether, Lindsell Train and the wider market if all three groups participate in full. For Juventus, the proposed increase is a financial chapter rather than a Sunday-afternoon matter, but it will shape the club’s room to operate through the season ahead—and may further strengthen Exor’s already commanding position should others decide not to follow.
