The “worst budget in history”, as defined by the president of Juventus, Andrea Agnelli, ends with a massive recapitalization of 120 million euros. Only then was able to write off a huge loss (95.4 million) due to “inability of the company renewal on the sport results, which has flooded the engine,” to quote once again the harsh words with which the President has stigmatized the black and white previous management, then synthesizing an adjective, “unacceptable”. 

 The lion’s share is the majority shareholder Exor (60%), involved 72 million after opening opened a credit line of 70 million, to be returned by December, in anticipation of the money of the transfer market, as well to assume the 7.5% of the shares of Lafico (approximately 9 million), which are currently frozen. For small shareholders, who overwhelmingly approved the recapitalization, the remaining charge, with the repurchase of more than 200 million shares, diluted but not zero. 

In addition to managerial mistakes, have weighed negatively on the budget especially the failure to qualify for the Champions League, the incentives to early releases of some players, the redistribution of television rights under the law Melandri and other minor factors. 

“It was clear – Agnelli said – it would take a ‘turnaround’, on pain of downsizing.” 

The five-year business plan, which officially kicks off today, it is disconnected from sports results and , however, allows survival management throughout the period. The board member Aldo Mazza has ensured that the company is able to cover the ordinary although Juventus did not go into the Champions League, but it becomes an urgent goal the following year. 

We will begin to see the first fruits of economic operation stage: it is estimated that for the year of opening the revenues could be about 7 million, but we must deduct the expenses (2.5 million) for the opening ceremony. Furthermore, the same Agnelli has indicated a willingness to bind in the future to a single major sponsor.

 As to the transfer market, it was reiterated that 
 “there will be no new investment in January or next summer, because we made them this year, greatly increasing the quality of the team, but we will only slight changes”, pointed Beppe Marotta.