Juventus announced on Wednesday that its board of directors decided to inject a capital of 400 million euros into the club’s budget in order to ensure its continuity in light of the effects of the Covid-19 pandemic.
In a statement, Yuvi said that the capital raise is expected to be fully realized “by the end of 2021.”
The statement continued, “The capital increase is among the measures to address the significant economic and financial effects of the Covid-19 epidemic, and will enable us to enhance the club’s liquidity and achieve a balance in our financing resources.”
The pandemic has had a significant economic impact on all European clubs, and according to Deloitte, the financial auditing company, the Italian League’s revenues fell in the 2019-2020 season by 18%, which is the largest decline in the five major European leagues, i.e. England, Spain, Italy, Germany and France. .
Juventus, owned by the powerful Agnelli family, announced last February that the value of its losses in the second half of 2020 amounted to 113 million euros, more than double the loss in the same period of 2019.
The club’s revenue fell by 20% in that period, as Yuvi attributes the cause to the Covid-19 pandemic, as a result of strict government measures that wiped out revenue from match days.
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