Juventus shareholders have cleared a capital increase of up to €250m, and majority owner Exor has already committed €60m of it. Giovanni Carnevali warned that the UEFA settlement means nothing extraordinary should be expected in January.
Juventus shareholders gave the board the power to raise up to €250m in new capital at the Allianz Stadium on 3 November. The vote came in the extraordinary part of the meeting and passed with 99.9% in favour. The same assembly approved the 2025/26 accounts.
Part of the money is already committed. Exor confirmed it would pay €60m straight away towards the capital increase. That payment supports the club’s equity and finances until the board uses its new authority. The majority owner has also guaranteed its own 65.4% stake in the raise and any shares other investors leave untaken.
The squad will not see the full sum. Shoring up the club’s finances across this season and next will take 45–50% of whatever is raised, according to Football Italia. That leaves roughly €100m mainly for first-team signings before the January window. Beyond keeping equity at a suitable level, the rest will go on controlling debt and keeping the team competitive, including transfers, Corriere dello Sport reports.
The accounts show why the balance sheet needs support. The consolidated loss for 2025/26 was €66.0m. That was €7.9m bigger than the previous year’s €58.1m. The result was in line with the forecasts in the club’s half-year report to 31 December 2025. The board had approved the accounts on 29 September. Another loss is expected in 2026/27, mainly because Juventus are in the Europa League rather than the Champions League.
The assembly was Giovanni Carnevali’s first as chief executive. He promised a serious approach to the January window. His warning was just as clear. As a serious company, Juventus must honour its settlement agreement with UEFA and does not expect to do anything extraordinary.
That agreement was announced on 30 June. It is a three-year settlement with the First Chamber of UEFA’s Club Financial Control Body. It relates to Juventus breaking UEFA’s Football Earnings Rule over the three seasons from 2022/23 to 2024/25.
For supporters, the message is mixed. The capital increase gives the club fresh resources. The settlement still dictates how quickly that money can be used on the pitch.
Shareholders also criticised the club for keeping a low profile in recent years. President Gianluca Ferrero declared Juventus open to dialogue with Tether.
The terms of the UEFA deal leave little margin. Missing the targets agreed with UEFA for the current season or the next two can lead to limits on the club’s UEFA List A and further sporting sanctions. The settlement runs until the 2027/28 financial year.
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