Welcome to issue #018 of Contemporary Football, your inside look at how the game really works behind the scenes.
Monday to Friday, you’ll uncover a new perspective on football business, and sometimes a deeper story that sharpens your thinking and gives you an edge in the beautiful game.
If you need support on your football journey, just write me.
Hey everyone,
The story here is about a club that needs help…an owner who keeps stepping in…
And a market that is tired of stepping with them.
Let’s talk about Juventus.
What happened last week
Juventus’ share price dropped 8.41% in a single day.
Down to €2.48 per share, the lowest since February 2025.
The reason?
Another capital increase, €97.8 million.
Think of a capital increase like refilling a tank with a small hole at the bottom.
You fill it.
It helps.
But the hole is still there.
And the market sees that.
So the price adjusts.
Not out of panic, but out of fatigue.
What the numbers actually mean
Exor (main shareholder/Agnelli’s family) took its full share.
Tether (crypto company that owns around 10%), too.
Institutions bought the rest.
So yes, the operation worked.
Money came in.
But Juventus’ valuation slipped back under €1 billion, to around €940 million.
This is the loop:
capital increase → temporary oxygen → long-term questions
The Exor problem, explained simply
Exor owns Ferrari, Stellantis, Philips, Louboutin…
Giants.
Juventus is 2% of their portfolio.
Tiny.
But the market still punishes Exor because of Juventus.
Right now Exor trades at a 54% discount to its theoretical value.
Investors see a beautiful group of companies…
and then a football club that needs cash every few years.
That perception weighs on everything.
Markets don’t judge proportions.
They judge stories.
And the Juventus story, financially, has been the same for too long.
What Juventus says the money is for
The club was clear about how it intends to use this new capital.
In their note, they wrote that the proceeds will strengthen Juventus’ financial position and fund the Strategic Plan 2025/26 – 2026/27, which aims to:
consolidate the club’s capital structure
support the global growth of the Juventus brand
gradually reduce debt
maintain a high level of sporting competitiveness in Italy and Europe
These are the right objectives.
But objectives only matter if the execution changes.
And that is what the market is waiting to see.
Final Thoughts
Juventus isn’t falling apart.
But it is heavy.
Heavy to manage.
Heavy to finance.
And capital increases don’t fix heaviness.
They only postpone it.
Real recovery will come from:
stable revenues
smarter player trading
a modern stadium model
controlled costs
a football identity that doesn’t change every two seasons.
Money buys time.
Strategy buys value.
And Juventus, like many European giants, has reached the point where more money won’t convince anyone.
Only a new direction will.
That’s all for today!
See you tomorrow,
Federico