This archive report was first published on 24 October 2019.
On October 24, 2019, Juventus president Andrea Agnelli secured the overwhelming backing of the club's shareholders for a 300 million euro ($333 million) capital increase to help boost the Italian club's global ambitions.
The request was approved by 99.97 percent of the shareholders present at the meeting, with Agnelli citing the need to keep pace with European rivals such as Real Madrid, Barcelona, and Manchester United.
"The objective of this capital increase is the future development in a wide-ranging horizon," Agnelli told shareholders at the club's Allianz Stadium in Turin.
Portuguese star Cristiano Ronaldo's signing in 2018 was central to Juventus's ambitions to expand their brand globally, and Agnelli hoped the 34-year-old would lift a sixth Ballon d'Or title this year.
Despite their domination in Italy, winning the last eight Serie A titles, Juventus have not lifted the Champions League trophy since 1996.
"Juve is the biggest football club in Italy but only one of the big ones in Europe," Agnelli said.
The recapitalisation would be part of a five-year development plan from 2019-24, with Agnelli stating that the club's vision must be to make Juventus prosper as a global brand, recognised by all stakeholders and future generations as a modern, innovative, and iconic brand.
Club revenues up to June 30 last were 494.4 million euros, a 20 percent increase on the previous year, Agnelli said.
