The Italian club, which for ten years has been struggling in an almost perpetual state of financial asphyxiation, announced this morning a new capital increase.
The stock fell as a result, losing 8.3% at mid-session. How far away the stock market rally of five years ago — when Portuguese star striker Ronaldo joined the team — seems!
With a disappointing sporting performance, a drop in stadium attendance, downward trending broadcast rights and slipping sponsorship income, Juve is struggling to align its finances with its ambitions.
Last year, the board of directors of the Serie A club controlled by Exor – the holding company of the Agnelli family – resigned en bloc after the launch of an investigation into suspicions of accounting fraud.
Juve’s accounts, in fact, are structurally in the red. The capital increase of €200 million announced this morning is the fourth in ten years. Over the period, the club burned cash in each financial year without exception.
In an environment which requires financing expensive transfers to attract the interest of broadcasters and international sponsors, the Vecchia Signora does not appear entirely in a position of strength.
This even if we count on the support of the Agnellis. Because if Exor has confirmed its intention to participate in the next capital increase, it is certain that John Elkann will not lose his way by persevering with economic nonsense.
2023-10-10 00:41:26
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