Serie A: Juventus reaches out to banks to overcome its pandemic-stricken finances

Serie A, Juventus financial crisis: Italy’s Serie A club Juventus FC has sounded out banks as it looks to boost its pandemic-stricken…

The Board of Directors approves the proposed capital increase with pre-emptive rights up to euro 400 million
The Board of Directors approves the proposed capital increase with pre-emptive rights up to euro 400 million

Serie A, Juventus financial crisis: Italy’s Serie A club Juventus FC has sounded out banks as it looks to boost its pandemic-stricken finances, reported the Reuters.

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The Turin-based club’s financial needs might be in the range of 300-400 million euros ($356-$477 million), the sources said.

According to Reuters report, Juventus had reached out to BNP Paribas, Goldman Sachs, Mediobanca and UniCredit, the banks that arranged the club’s previous capital hike in 2019.

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Serie A: Juventus reaches out to banks to overcome its pandemic-stricken finances

The club’s management is working on a plan to strengthen the balance sheet to be presented to the board, one of the sources said. The contacts with the lenders were aimed at getting a feedback about the market’s response to a potential capital hike, the sources said, adding no decision was taken yet.

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Like other soccer clubs in Europe, Juventus have been hard hit by the fallout of the COVID-19 pandemic, which has prevented fans from attending matches and reduced marketing and merchandise opportunities. Controlled by the Agnelli family, Juventus said in February it expected to end the 2020/2021 financial year in the red after recording a loss of 113 million euros in the first half.

Serie A: Juventus reaches out to banks to overcome its pandemic-stricken finances

Juventus was among 12 of Europe’s leading soccer clubs from England, Italy and Spain which announced a breakaway European Super League in April, a project which collapsed in acrimony less than 48 hours after it was launched following an outcry by fans, governments, players and managers. All the parties involved declined to comment or were not immediately available to comment. ($1 = 0.8390 euros)

Earlier last month, Barcelona President Joan Laporta took a huge step and secured a loan worth 500 million euros from the investment bank, Goldman Sachs.

The Spanish giants faced a financial crunch after the Josep Maria Bartomeu era, and there were concerns over whether the club would be able to pay both their players and recruit new ones in the summer.

According to L’Esportiu, FCB has obtained the loan, with the money likey refinancing part of the debt, easing the short-term pressure on the club hierarchy.

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