Juve, the board of directors approves the capital increase up to 400 million. The reasons

This morning the approval of the Board of Directors with the aim of “rebalancing the sources of funding to support the achievement of the strategic objectives of the Development Plan for the years 2019/24”. The pool of institutions that will accompany the operation has already been decided, to be carried out by the end of 2021. Shareholders’ meeting convened for October 29 to approve the financial statements

Less than a month after the guarantee agreement with the banks that will accompany the operation, the Juventus board of directors, which met this morning, chaired by Andrea Agnelli, “approved the proposal for a paid share capital increase up to maximum 400 million “. The club announced this this morning, also setting the shareholders’ meeting for 29 October to accept the offer and approve the 2020-21 financial statements. It is expected that the capital increase “can be carried out by the end of 2021”.

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Liquidity immediately

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Exor, the safe of the Agnelli family and majority shareholder of Juventus with 63.8% of the capital, has already committed to subscribe the portion of the capital increase pertaining to it, for 255 million. The board asked Exor to make a payment for a future capital increase of 75 million, “in order to strengthen the equity and financial structure of the company pending the execution of the capital increase”. The execution of the payment is expected “in the next few days”.

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The reasons for the decision

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The capital increase, which is expected to be completed by the end of 2021, “is part of the measures aimed at coping with the significant economic and financial impacts of the Covid-19 pandemic and – Juventus explains – will make it possible to strengthen capital structure of the Company and rebalance the sources of financing to support the achievement of the strategic objectives of the Development Plan for the years 2019/24, which have been confirmed: consolidation of the economic and financial balance, maintenance of sporting competitiveness, increase in brand visibility Juventus “.

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