On November 7th local time, Juventus officially announced that its shareholders' meeting had approved a capital increase plan of up to €110 million, with 95.41% of shareholders voting in favor of the proposal. The specific amount of capital increase, the issue price, and the detailed operational procedures will be determined by the board of directors in the near future.
Specifically, in March of this year, the board assessed the possibility of issuing a new round of capital increase. Following Exor's advance payment of €30 million, by the end of September, the Juventus board, due to the deterioration of the actual situation in the 2024/2025 season compared to the strategic plan's expectations (reasons including lower-than-expected athletic performance and sponsorship revenue, as well as one-off costs), and the anticipated situation for the 2025/2026 and 2026/2027 seasons, coupled with the impact of the recently concluded transfer market on the club, decided to propose to the shareholders' meeting that the board authorize a 10% increase in the existing share capital in one or more phases on a paid and divisible basis.
The board approved the proposal, and subsequently, the Juventus board will determine the amount of the capital increase. Simultaneously, at the invitation of the Juventus board, the shareholders' meeting voted against Tether's (the club's second-largest shareholder) request to grant existing shareholders preemptive rights during the capital increase process and demanded that the board immediately determine the price and quantity of the new shares.
According to Tether, this approach would ensure optimal investment growth, avoid equity dilution, and benefit the long-term strategic partnership, to the point that the cryptocurrency giant expressed its willingness to subscribe to its share in the capital increase. However, the proposal was rejected with 91.7% of the votes against it.