TURIN, Italy (AP) — Hit hard by the coronavirus pandemic, Serie A club Juventus expects to receive a capital injection of up to 400 million euros ($475 million) by the end of the year.
“Goldman Sachs International, J.P. Morgan AG, Mediobanca - Banca di Credito Finanziario S.p.A. and UniCredit Corporate & Investment Banking will act as joint global coordinators ... and joint bookrunners,” Juventus said Friday in a statement.
It said the plans are “aimed at strengthening the company’s equity.”
Juventus saw its record run of nine straight Serie A titles ended last season by Inter Milan, and it was also part of the ill-fated European Super League project.
Juventus is owned by the Agnelli family through holding company Exor N.V.
In February, Juventus announced losses of 113.7 million euros ($134.9 million) for the first six months of the 2020-21 season.
Questions had already been raised about the sustainability of Juventus’ business model following the arrival of Cristiano Ronaldo from Real Madrid in 2018 for a club-record fee of more than 100 million euros ($119 million).
Ronaldo was signed with the aim of winning the Champions League but Juventus has not gone past the quarterfinals since his arrival and was eliminated in the round of 16 the past two seasons.
Juventus said: “The envisaged Capital Increase is expected to be completed by the end of 2021, subject to favorable market conditions, the approval of the Capital Increase by the competent corporate bodies and the issue of the necessary authorizations by the competent authorities.”
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The Associated Press