The shareholders’ meeting at the Allianz Stadium is the first of Giovanni Carnevali’s tenure in Juventus management. The item on the agenda is the capital increase of up to €250 million, but it was the CEO’s speech and the reaction of small shareholders that gave the morning its character.
Carnevali: “We Can Get Out of This If We Are Together and Determined”
Carnevali opened with a note of personal emotion. “It is an exciting moment and one of great pride. In these four months I have studied the Juventus world, and every day I try to understand more about its history and values. The results of recent years are not positive, and I am aware of that. But in difficult moments you have to do things to obtain results, and we have to be good at getting out of it. We can do it if we are together and determined. The club deserves it, and we must achieve our objective.”
On the project: “We have great opportunities for development: it is not only about players but also about facilities. We are strong. There is a world here that others do not have. Now we are rediscovering enthusiasm and a sense of belonging. I have not brought many people. I brought only Massara, and now we are bringing in a new scouting area. We want a team that can return to winning. We need a clear and global project, and we must improve.”
He also repeated the theme of Italian talent that he has pushed throughout the autumn. “We need Italianness in this club. The Next Gen is a flagship and can give lifeblood to the first team. And then there is the women’s section: Juventus is very much appreciated. We must be an example on and off the pitch.”
“Respect for the Fans. This Is What I Told the Players”
His closing remarks were directed at the supporters and linked directly to the squad meeting of ten days ago. “We have incredible potential, and we are building new platforms and bringing in new technologies. But my final thought goes to our fans. They must help us, and they already do, and we take positive things even from criticism. We must show respect towards our fans, bring Juventus spirit, and always try our hardest. That is what I said in my speech the other day to our players.”
He then set the tone for expectations. “What I can guarantee from my side is commitment, seriousness and a great desire to work, clear ideas, knowing where we want to get to and also knowing the problems we have. We know where we are coming from, so now we must talk little and work a lot. We do not think we can do anything extraordinary because we have agreements in place with UEFA. We must work well with what we have.”
The last point is the one with implications for the January window. It is an explicit statement that the UEFA Settlement Agreement limits ambition, in line with the squad-cost cap and the capital gains target covered earlier.
The Accounts and the Forecast
The live blog restates the headline numbers. The 2025/26 loss was €66 million against €58.1 million the previous year, broadly in line with the club’s forecasts. The new capital is meant to support sporting competitiveness, consolidate the balance sheet and allow possible investment in real-estate assets, starting with the Allianz Stadium. Exor, which holds 65.4%, has already announced an immediate €60 million payment towards the future increase. Another negative result is forecast for 2026/27, mainly because of the absence from the Champions League, with improvement expected over the following two years. A performance-share remuneration plan for 2026/27 to 2030/31 is also on the table.
The Floor: Praise, and a Challenge to Elkann
The most colourful part of the live blog is the contributions from small shareholders.
Graziano Spinelli praised the CEO warmly. “I had never heard a speech like his: he is already one of us. Since the Pjanić-Arthur swap we have been missing a quality midfielder. I also hope to see a stronger and more incisive presidency.” He offered Carnevali a piece of advice: “I would suggest he wear a black-and-white scarf, which would be a nice way to further strengthen his sense of Juventus belonging.”
Paolo Carones echoed the optimism. “The intervention of our chief executive gives us back confidence and fuels our hopes. Finally we have heard talk about football. The concern remains that Juventus has lost part of the charm and charisma that always distinguished it. We hope the CEO manages to restore these qualities.”
Andrea Danubi, by contrast, was sharply critical of the ownership. “For five years we have watched investments and decisions that have turned out to be wrong. Elkann is often described as a silent shareholder, but what sense is there in keeping control of Juventus at all costs? If you consider it only a family object, entrust it to inadequate executives and do not protect it in the appropriate forums, it means you do not truly love it. The Juventus we knew was that of Andrea Agnelli and Antonio Giraudo. Today every season seems like a new starting point. What would be needed is a figure like Michel Platini, with the spirit and charisma of Boniperti.”
The remarks echo Borriello’s argument in Gazzetta that Juventus is missing the presence of Andrea Agnelli, though here they are aimed directly at the owner.
