By Andrea Caropreso
Index
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The Agnelli-Elkann family once again comes to Juventus’ aid — this time as a preventive measure. The family-owned holding company, Exor, has injected €15 million as part of a potential capital increase of up to €110–120 million, equal to roughly 10% of the club’s market capitalization. The move is intended to provide greater financial stability and a stronger net equity position for the club.
Exor’s Operation
The operation, formally classified as a “payment on account of a future capital increase,” consists of a liquidity contribution from the majority shareholder, which will only be converted into share capital at a later date, pending shareholder approval. This is a non-dilutive, debt-free form of financing that directly improves the company’s net equity and strengthens its financial structure.
In simple terms, Exor’s contribution is categorized as a “payment on account of a future capital increase.” As long as the capital increase has not been formally executed, shareholders’ stakes will remain unchanged (non-dilutive financing). Additionally, it is not considered a loan, as the payment is made “non-repayable” (with no debt generation).
The maximum amount of the increase for Juventus is expected to be around €120 million, calculated based on factors such as qualification for the UEFA Champions League, projected revenues from the 2025 FIFA Club World Cup, and the club’s summer transfer activity. This approach allows Juventus to scale the financial commitment in line with actual cash flow developments and economic-sporting results.
The Impact
As mentioned, this is the second such contribution following the previous one in March. On March 28, Juventus announced on its official channels: “The Board of Directors has not made any decisions in this regard and has postponed any resolutions until the end of the current sporting season and the summer transfer window, in order to take into account, in particular, the economic, financial and equity impact of the First Team’s performance in Serie A and the FIFA Club World Cup, as well as the summer transfer window itself.”
From an accounting perspective, this contribution improves Juventus’ liquidity position, helping to ease debt pressure and increase operational flexibility. After seasons marked by financial challenges and sporting penalties, Exor’s intervention sends a clear signal of stability and confidence from the ownership. The financial support allows the club to plan more calmly, comply with UEFA’s sustainability regulations, and aim for a competitive relaunch — especially with a return to the Champions League in sight.
