MILAN: Juventus has started talks with banks to form a syndicate for its planned cash call of up to 200 million euros ($213 million), the Italian soccer team said on Monday, after its board approved the capital increase.
“The company is considering the opportunity to engage a syndicate for the subscription of any newly-issued shares that remain unsubscribed and, for this purpose, has initiated contacts with leading banking institutions,” it said in a statement.
The Serie A club earlier this month said it would ask shareholders for fresh capital as it posted another yearly loss and predicted it would stay in the red this fiscal year.
Juventus on Monday said the capital increase was expected to be executed in the first four months of next year.
It added its board would request controlling shareholder Exor to anticipate an initial payment of 80 million euros to support the company pending the capital increase deal execution.
Exor, the holding company of Italy’s Agnelli family, had said it would join Juventus’ cash call.
($1 = 0.9389 euros)