CONFERRAL OF PROXIES RELATING TO THE FOOTBALL AREA TO THE DIRECTOR OF
ADMINISTRATION MAURIZIO ARRIVABENE
The Board of Directors examined the impacts deriving from the continuation of the Covid-19 pandemic and
updated the related estimates. Compared to the forecasts of the Development Plan for the years 2019/24, the
overall economic impact of the direct and indirect negative effects of the pandemic in the years between
2019/22 is currently estimated at € 320 million.
The Board of Directors, assuming to operate from the 2022/23 season in the absence of impacts related to the
pandemic, confirmed the main strategic objectives of the Development Plan. In order to take into account
the medium-term effects, it will be necessary to revise and extend the Plan itself, which will be based on the
In support of the review of the Development Plan due to the pandemic, the Board of Directors defined
the guidelines for capital strengthening through a capital increase for a maximum of € 400 million.
EXOR NV expressed its support for the transaction and undertook to subscribe the share of the share capital
increase pertaining to it, equal to 63.8%. The Company intends to set up a guarantee consortium for the subscription and release of any new shares that may not be subscribed and, to this end, has already initiated contacts with leading banking institutions.
The proposal for a share capital increase, also possibly by means of a delegation to the Board of Directors former
art. 2443 cod. civ., will be examined and defined at the meeting of the Board of Directors to be held in
September 2021 for approval,inter alia, of the draft budget for the 2020/21 financial year in view of the
shareholders’ meeting scheduled for October 2021.
The Board of Directors of Juventus Football Club SpA (the “Society”,”Juventus”Or the”Group”),
Which met today in Turin, under the presidency of Andrea Agnelli, has, inter alia, (i) examined the impacts deriving from the continuation of the Covid-19 pandemic and the main economic-financial data for updating the Development Plan for the years 2019/24 (the “Development plan”Or the”Plan”), Approved in September 2019 (therefore before the start of the spread of the Covid-19 pandemic), and (ii) defined the guidelines for capital strengthening
through a capital increase up to a maximum of € 400 million.
The impacts of the Covid-19 pandemic on the 2019/22 financial years and the revision of the Plan
The Plan outlined, in the context of the end of 2019, the strategic lines for the management and development of the Group, taking into account the following main objectives: maintaining sporting competitiveness, increasing the visibility of the brand Juventus and consolidation of the economic and financial equilibrium. These objectives have been confirmed by today’s Board of Directors.
As is known, starting from March 2020 the Covid-19 pandemic has penalized and continues to strongly penalize
the entire sector and, therefore, also the Group, significantly impacting the objective of consolidating the
economic and financial equilibrium. To date, it is not yet possible to define with reasonable certainty when the
negative effects caused by the health-pandemic crisis will cease.
For the Group, the pandemic has directly and indirectly reduced the contribution of numerous revenue items (mainly
from matches and products), has affected the prospects for their realization or increase and other income (mainly linked to the management of players ) and has increased certain cost items, generating a significant negative impact both of an economic and equity nature on the result for the year and on shareholders’ equity, and of a financial nature on the cashflow.
Compared to the data provided for in the Plan, the estimates examined by the Board of Directors quantify the total
direct and indirect negative effects for the period between March 2020 and June 2022 at € 320 million. These estimates assume, among other elements, a progressive elimination of the measures restrictive during the financial year 2021/22 and a substantial and progressive normalization of the general economic context starting from the second half of 2022.
Based on these assumptions and assumptions and taking into account the mitigation actions set, Juventus confirms the objectives of substantial economic and financial balance post pandemic effect and therefore in the medium term.
The Group also continues to constantly monitor the evolution of the situation related to the pandemic, in consideration of the uncertainties of the reference regulatory framework and the complex and changing economic context.
In order to take into account the medium-term effects and the hoped-for overcoming of the pandemic context, it
will be necessary to review the Development Plan during the first half of the 2021/22 financial year.
Guidelines for the capital strengthening operation
The capital strengthening operation through a capital increase is part of the measures aimed at coping with the
significant economic and financial impacts of the Covid-19 pandemic, contributing to the balance of sources of
financing and restoring the investment conditions to support the achievement of the strategic objectives of the
In particular, the administrative body has decided to start a process for a capital increase of a maximum total of € 400 million, including any share premium, to be offered for subscription to shareholders. It is envisaged that the proposal for a share capital increase, also possibly through the attribution of a proxy to the Board of Directors former art. 2443
cod. civ., is examined and defined at the meeting of the Board of Directors next September, which will be called,inter alia, to approve the draft financial statements and the consolidated financial statements for the financial year ended 30 June 2021, in view of the Juventus Shareholders’ Meeting which will be called to approve the 2020/21 financial statements.
The majority shareholder EXOR NV (which holds 63.8% of Juventus’ share capital) expressed its support for the
transaction and has undertaken to subscribe to the portion of the share capital increase pertaining to it.
The Company intends to set up a guarantee consortium for the subscription and release of any new shares that may not be subscribed and, to this end, has already initiated contacts with leading banking institution.
Lastly, it should be noted that the Board of Directors resolved to assign proxies for the management of the Football Area and the related powers to Maurizio Arrivabene, director of the Company, elected by the Shareholders’ Meeting held on 25 October 2018 and taken from the list presented by ‘majority shareholder EXOR NV
The curriculum vitae by Maurizio Arrivabene is available on the Company’s website in the section “Corporate
Governance”. Based on the information available to the Company, Maurizio Arrivabene does not currently hold
Juventus ordinary shares.
Essentially, it appears likely we will have our hefty additional losses suffered through the ‘pandemic’ period covered by parent company Exor which will leave us with 80m to start the new project under the guidance of Arrivabene who finally emerges as our new CEO. A decent amount for Cherubini, Max and the the Former Ferrari Principal overseeing, to begin the new adventure.
Slight concern remains that for the first time I can recall, we have no mercato expert at the club. Yet perhaps this is part of the new model? Max has a solid part in recruitment, tasking Cherubini to find certain profiles of players he needs as I believe used to be the similar case with Beppe. Cherubini then works with the scouts to find a variety of viable options for each role, then takes them to Max. How Arrivabene works in this system I have little idea other than a general focus on how much we are spending and what due diligence has been done to ensure the investment appears wise and economical. His focus will be wider, taking responsibility for the commercial side. And yet his time at Ferrari demonstrates a very hands-on, prominent approach to the sporting side. A very well known figure in F1, with a colourful, often contrasting reputation depending on who you ask.
Cherubini is experienced with the youth sector, so this should/could help with promotion of any of our finest youth talents into the reckoning for the first team squad. Yes we want them to play, and young players need games to develop, yet there is also definite benefit from high level of coaching and training with some seasoned quality players.
I would like to believe that young starlets like Fagioli, Dragusin, Di pardo, Baden will all be given the opportunity to impress Max and his coaching staff during the Summer. I would prefer the Romanian in the first team to Rugani and yet it looks more likely we will sell Demiral and Dragusin, potentially keeping the italian. The coveted young CB was voted our finest youth product earlier this year…how much sense does it make to sell off one of your most promising players?
Similar with Fagioli, who appears a potential fit for back-up regista and more attacking roles in the middle of the park, offering the very dynamism we have been hugely lacking. Unfortunately we will already need to make space for Locatelli, meaning one of Mckennie/Bentancur/Arthur/Rabiot/Ramsey must leave, with another to depart – I assume – to make space for Fagioli thereafter. The latter three will prove incredibly hard to shift due to wages and book value.
We need a marauding RB to keep Juan on his toes, so why not consider Di Pardo???? who has happily played RM, even CM as well as RB and looks to have good ability on the ball as well as admirable physicality.
Much still to resolve for the new triumvirate of Arrivabene – Cherubini- Max. With contractual discussions to finalise as soon as possible with Dybala and Ronaldo and plenty more conundrums to work through across the squad. Let us hope this is the start of a new chapter of exciting times.