Juventus: Imminent Capital Increase!

Friends of the Foundation, we are pleased to share with you this editorial by Vincenzo Marangio (X: @enzomarangio) for

What we are about to tell you will be confirmed elsewhere in the coming hours and days. What was once a kind of open secret is now tacitly revealed: the ownership of Juventus (read John Elkann) is ready for a significant and imminent recapitalization. It will be the response, in actions, to the many accusations from a strict fan base that accuses the club’s leadership of lacking attention. There are different ways to demonstrate love; some do it with their hearts, and some do it with their heads. Some go beyond their real capabilities, while others wait for the right moment after careful planning. Let’s try to explain the modus operandi of Juventus’ ownership, and then we will reveal the figures.

The legal and sports war waged against Juventus by authorities particularly diligent in their dealings with the club, to the extent that they initiated and pursued an investigation with a prosecutor who lacked jurisdiction, inevitably wounded the club. The now-former president Andrea Agnelli and the entire board of directors paid the price by resigning en masse. The rest is a story we know well: the technical government established by Elkann to study the situation and find the ideal exit strategy from a forced but besieged position. While Allegri and the team tried to salvage what they could, the club started a race against time to limit the damage. They devised a legal strategy to dismantle the accusations, examining the contested invoices and finding that they had no significant impact on the finances and, therefore, no “concrete fiscal advantage. However, in the meantime, sports justice moved at lightning speed to try to hit the team before the accusations fell apart. The result: the path of plea bargaining was chosen to close all disputes (even though illogical and illegitimate, as revealed by the decision of the judges of the Fifth section of the Court of Cassation, which declared the territorial incompetence of the Turin Prosecutor’s Office to investigate). This was done to prepare the club for what we will soon witness.

Now, let’s talk about the figures of the recapitalization, which the club is starting to reveal and bring to light. The amount will be over 150 million and under 300 million euros. It’s difficult to quantify the exact figure because before the recapitalization can be implemented, funds will need to be moved from various holding companies. The important thing is that the will exists and is concrete, and the timeline is tight: the goal is to unlock everything by 2025. However, efforts are being made to accelerate the operation even further to improve the financial situation, attract new investments, and present a more attractive prospect to potential new partners. This brings us to the other reason for reaching a plea bargain.

As mentioned in recent months, while an internal faction pushes for the sale of the club, John Elkann (an initial desire shared with Andrea Agnelli when he was the club’s president) has only opened up to the sale of a minority stake in the club but has no intention of selling the entire club. However, to carry out this operation, the delisting (removal from the stock exchange) must be executed, and, above all, the club must be “cleaned.” This is why the plea bargain was chosen as a solution to open the door to new investors seeking guarantees and an absence of pending issues.

Now, let’s get back to the recapitalization.

The question on everyone’s mind is: is it possible to expedite the operation to allow Giuntoli to act in the January transfer market? The answer is yes. In fact, it is not excluded that the race against time to gather the necessary funds for recapitalization is precisely to avoid missing out on participation in the next Champions League. This would allow Giuntoli to make some signings in January. For now, solutions are still being studied to accumulate additional funds. If that is not possible, the recapitalization could be brought forward, or better yet, Giuntoli could be given the green light to operate in the market, taking into account the funds expected to arrive in the coffers, presumably by April.