Juventus will raise €200m for now. At Thursday’s board meeting, directors chose to use only part of the authority shareholders granted for a recapitalisation of up to €250m. The remaining €50m or so is held back, which the club says leaves it flexible on timing and on meeting sporting financial rules.
Why the Board Held Back €50m
The club’s statement says the partial use of the mandate reflects a decision to give the company the equity and financial resources it needs straight away for balance-sheet rebalancing and its strategic goals. It adds that this keeps flexibility over the residual portion, a maximum of roughly €50m, in later financial years. That timing depends on how the investment plans unfold, and on compliance over time with the economic and financial parameters set by national and international sporting regulations.
In plain terms, the directors have chosen not to play every card at once. The UEFA financial restrictions and FIGC rules are the backdrop to that caution.
How the Offer Works
New ordinary shares will be offered to existing shareholders from Monday until 1 December. The terms are:
- Ratio: one new share for every two held.
- Price: €0.96 per new share.
- Discount: 28.36% to the theoretical ex-rights price (TERP), calculated on the current stock market quotation.
- Rights trading: option rights can be traded on Euronext Milan from 16 to 25 November.
- Unexercised rights: these will be offered on the same market within the following month.
- Coordinators: Citigroup and UniCredit as Joint Global Coordinators.
Exor Backs the Club Again
Majority shareholder Exor, which holds 65.4% of the share capital, has already paid €60m as an advance. It has committed to subscribe its full share, worth about €131m, plus any newly issued shares left unsubscribed when the offer closes. The club quotes Exor describing this as further confirmation of its long-term commitment to Juventus and its confidence in the club’s intrinsic value.
A Thin Equity Cushion
The context is stark. Juventus lost €66m in 2025/26, and shareholders’ equity fell to €12m at 30 June 2026. The club says the increase supports its strategic and development goals, which it lists as:
- sporting competitiveness
- the progressive consolidation of economic and financial balance
- possible upgrades to strategic assets
- the enhancement of the Juventus brand
Capital needs for the current and next financial years come to roughly 45–50% of the full €250m mandate. Management has not yet settled how the remaining proceeds will be split, but part is clearly expected to go into transfer market investment.
