Juventus proposes rights issue of up to 400 million euro to mitigate COVID-19 impact

The Serie A club board plans to examine and finalise the rights issue proposal in September, ahead of the annual shareholders' meeting in October.

Juventus estimates that the pandemic had an impact of 320 million euros ($379.20 million) on the fiscal years between 2019 and 2022, as stadiums stayed closed for extended periods of time due to COVID-19.   -  GETTY IMAGES

The board of Italy's Juventus has set the guidelines of a rights issue of up to 400 million euro after estimating the impact of the COVID-19 pandemic on the club, it said on Wednesday.

Juventus estimates that the pandemic had an impact of 320 million euros ($379.20 million) on the fiscal years between 2019 and 2022, as stadiums stayed closed for extended periods of time due to COVID-19 restrictions and lockdowns.

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The Serie A club board plans to examine and finalise the rights issue proposal in September, ahead of the annual shareholders' meeting in October which is set to approve 2020/2021 results.

It also said top shareholder Exor plans to subscribe to its share of the rights issue, equal to 63.8%, adding it had contacted lenders to find an underwriting syndicate for any unsubscribed shares.

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