Juventus, another mountain of money on the way: Carnevali has the chance not to do what his predecessors did

With the capital increase, it will be crucial for the Juventus management to make the right choices

Another capital increase is on the way. For the umpteenth time in recent years, Exor are opening the strongbox and injecting liquidity into Juventus. The Juventus board has ratified the closure of their ninth consecutive set of accounts in the red (€66 million as of 30 June 2026) and has asked the Shareholders’ Meeting to approve a capital increase of up to €250 million. Of the planned €250 million, at least €164 million will come from Exor (though the figure could rise because Exor are willing to underwrite any shares not subscribed by the other shareholders).

Over recent years, Juventus have carried out four recapitalisations for a total of €998 million, of which €637 million was paid in by Exor. With the new increase, the total will reach €800 million invested by the Agnelli/Elkann family strongbox in the Juventus world over the last seven years.

Juve, money are the last problem

The problem at Juventus is not money, nor is it John Elkann, who a large section of the Juventus fanbase often criticise. It's worth remembering that Elkann was also behind Juventus during the legendary run of nine straight Serie A titles. To give a few examples: Elkann chose Marotta in 2010, Elkann entrusted the presidency and management of the club to his cousin Andrea Agnelli. Elkann also backed every extra-budget allocation of that era: his approval was indispensable, as in the case of the signing of Cristiano Ronaldo.

The wrong choices

And that gets to the heart of the issue, and Juventus' biggest problem of this decade: they have got almost every executive call wrong and, as a result, their transfer business too. From Paratici to Cherubini, via Manna, and on to Giuntoli and Comolli, it has been a bloodbath, with money thrown away on players paid vastly more than their performances warranted (both in transfer fee and wages). The decline has been relentless, hitting its lowest point during the Comolli era, which ended with exclusion from the Champions League.

Smart choices

Qualifying for next season's Champions League and getting their transfer decisions right without squandering Exor's investments. That is Juventus's double mantra for this season, with manager Luciano Spalletti and the management team of Giovanni Carnevali, Giorgio Chiellini, Frederic Massara and Marco Ottolini sharing the same level of responsibility. Elkann chose this management team to provide continuity and lay the foundations for a new cycle. No more upheaval, no more sudden changes: continuity is the watchword. That same continuity also shapes transfer-market decisions: will Carnevali, Massara and Ottolini succeed where Giuntoli and Comolli failed?

"We want a competitive team, we know we have limits that we must respect. We'll see how the market develops. I'd like to sign three great champions, but we can't. So we need to strengthen the team by working intelligently and taking advantage of opportunities," Carnevali said at the Gazzetta Sport Festival. Those smart decisions will decide the difference between the Juventus of the recent past and that of the near future.