La Gazzetta dello Sport and others report that Juventus are considering another capital increase after the clubs budget is approved today. The Bianconeri are expected to approve a budget of -€115 million for the 2022-23 season, a significant improvement from the -€239.3 million deficit from the 2021-22 season.
La Gazzetta write that:
“Today, the Juventus Board of Directors meets to approve the 2022-23 budget, which is expected to record an operating loss of around 115 million euros. However, this result is a clear improvement compared to the previous year which, after the review made by the club, had led to a deficit of €239.3 million. The year that started with the exclusion from the European cups, however, will put a strain on the Old Lady’s accounts, despite the savings policy perpetuated also in the last market session, closed with only one purchase for the first team (Timothy Weah from Lille for €10.3 million) and a significant lowering of the wage bill, after the departures of, among others, Di Maria and Cuadrado.
“The net worth, however, has been eroded by the losses of the last two financial years. So the rumours about a new capital increase have become more and more insistent in recent weeks. President Gianluca Ferrero and CEO Maurizio Scanavino will probably talk about it at today’s board meeting. Although, obviously, the decision will be up to the shareholders and will only be ratified by the shareholders’ meeting at the end of November.
“Compared to a few months ago, however, when the CEO of Exor, the reference shareholder, John Elkann publicly invited Juventus to ‘walk with its own legs’, the wind seems to have changed. Partly out of necessity (without the Champions League money, the 2023-24 financial year will start with a shortfall of at least €100 million…), and partly as a sign of trust in the new management, which has demonstrated with facts its willingness to follow an economically virtuous path, halving the loss on the single budget from one year to the next.
“If the decision to recapitalise is taken, the figures for 2019 (€300 million) and 2021 (€400 million) are unlikely to be replicated, however. It will be more of a breath of fresh air to cope with today’s emergency and give strength and continuity to the savings operation inaugurated by the club in the last two seasons. In essence, €200 million should not be exceeded. While the diktat to the top management and the market men will not change: Juve must continue with the policy of cost cutting and sustainability, after the excesses of the past that led to expenses not in line with the club’s revenue.”
