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

Another capital increase is on the way. For the umpteenth time in recent years, Exor are opening the safe and pumping liquidity into Juventus . The Juventus board has ratified the closure of their ninth straight 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 a maximum of €250 million. Of the planned €250 million, at least €164 million will come from Exor , though the figure could rise because Exor are ready to underwrite any shares not taken up by the other shareholders.

Over recent years, Juventus have carried out four recapitalisations worth a total of €998 million, with €637 million of that paid in by Exor . With the new increase, the total invested by the Agnelli/Elkann family holding company in Juventus over the last seven years will reach €800 million .

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 also backed Juventus during the legendary run of nine straight Serie A titles . To give a few examples: it was Elkann who chose Marotta in 2010, it was Elkann who handed the club's presidency and management to his cousin Andrea Agnelli . And Elkann stood behind every extra-budget allocation of that era: his approval was indispensable, as in the case of the signing of Cristiano Ronaldo .

Elkann's support for Juventus has therefore shown almost 20 years of continuity , ever since he took the reins of Exor and continued the bond that has tied Juventus to the Agnelli family for a century. The willingness to open the chequebook, then, is not in question. If anything, the issue over the past six years is how that money, and a great deal of it, has been spent.

The wrong choices

And that brings us to the point, and to Juventus' biggest problem of this decade, getting almost all their executive decisions wrong and, as a result, their transfer-market decisions too . From Paratici to Cherubini, via Manna, and then on to Giuntoli and Comolli, it has been a bloodbath, money thrown away on players paid vastly over the odds (both in transfer fees and wages) compared to their performances . It has been a never-ending decline, hitting its lowest point in the Comolli era, which had as its final outcome exclusion from the Champions League.

The smart choices

Qualifying for next season's Champions League and getting their transfer decisions right, without squandering Exor's investments. That is Juventus' twin mantra for this season, with manager Luciano Spalletti and the management team made up of Giovanni Carnevali, Giorgio Chiellini, Frederic Massara and Marco Ottolini carrying 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 must shape decisions in the transfer market: 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 will see how the transfer market develops. I would like to sign three great champions, but you can't. So we need to strengthen the team by working intelligently and taking advantage of opportunities ," Carnevali said at the Gazzetta dello Sport Festival dello Sport. Smart decisions will make the difference between the Juventus of the recent past and the Juventus of the near future . Recent years have shown that money alone does not make the difference: ideas are needed . If Carnevali has them, and we are sure he does, now is the time to show them.