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ForeignSports

Juventus face £275m losses, plan share sales to raise cash

Juventus say they expect to lose €320m (£275m) because of the coronavirus pandemic.

And the Italian giants are planning to raise €400m (£343.25m) in capital through a share sale to ease the financial pressure on them.

Juve missed out on the Serie A title for the first time since 2012 last season.

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They are also still in dispute with Uefa over the collapsed European Super League project.

Questions were already being raised over the sustainability of their business model following the club-record £99.2m arrival of Cristiano Ronaldo from Real Madrid in 2018.

The stated aim was for the 36-year-old to help Juventus win the Champions League, but they have not gone beyond the quarter-finals since his arrival and exited at the last-16 stage in the past two seasons.

Meanwhile, Juventus have confirmed Maurizio Arrivabene will assume management of the football business section of the club.

It means Arrivabene, a former team principal at the Ferrari Formula 1 outfit, will assume some of the responsibilities previously held by Fabio Paratici, who left the club in May and recently joined Tottenham as their sporting director. (BBC)

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