Juventus, the future depends on Exor and Vlahovic: 676 million euros for the budget

With the elimination from the Club World Cup, Juventus ' season has ended. An anomalous conclusion, considering that a new football season will begin in a few days. And in fact, it is already done for the new striker of the Bianconeri: Jonathan David . An arrival on a free transfer and therefore apparently without costs, which once again places the emphasis on the economic situation of the Old Lady.

After the farewell of Cristiano Giuntoli and the new course of Damien Comolli and Giorgio Chiellini, chosen by John Elkann to turn the page, the fans are wondering about the possibilities that the club can have on the transfer market front. At the same time, how the balance sheet can weigh in building a team capable of winning again. After all, the choice to focus on Giuntoli was born above all from the need to balance the books again, moving to a sustainable and, obviously, competitive model.

The life-saving access to the Champions League

The premise is clear to all Juventus fans, qualifying for the Champions League with just one point of advantage over Roma was a milestone that represents both a sporting and economic relief. Juventus has achieved a fundamental objective because revenues from the top European competition can be quantified at around 80-90 million euros .

Financial benefits include UEFA bonuses, box office revenue and sponsorship bonuses, such as the new agreements with Jeep and Visit Detroit , estimated at €25-30 million. These revenues are essential to maintaining a turnover above €400 million, a central element of the 2024-27 industrial plan that aims to reach profit by 2027.

Furthermore, at the end of the season, Juventus was able to rely on other revenues thanks to capital gains. Specifically, there are three players who have allowed to generate approximately 27 million euros, Fagioli redeemed for 13.5 million from Fiorentina and Rovella and Pellegrini redeemed from Lazio. Despite this, the analysis of the balance sheet highlights the need to rationalize expenses, in particular those related to players considered outside the technical project.

Exor and the key role in economic support

Parent company Exor , controlled by the Agnelli-Elkann family, has played a key role in supporting Juventus financially. On 30 June 2025, Exor announced a new payment of €15 million as part of a possible capital increase of up to €110-120 million , depending on market variables and sporting results. The exact figure was calculated based on three main factors: qualification for the Champions League, revenue from the Club World Cup and transfer market operations. From 2011 to today, Exor has invested approximately €676 million in Juventus:

• 2011/12: 72 million
• 2019/20: 191 million
• 2021/22: 255 million
• 2023/24: 128 million
• 2024/25: 30 million (two tranches of 15 million)

This constant financial support has been fundamental to sustain the club in times of economic difficulty and to finance the post-Covid and post-sports crisis industrial plan. In the absence of stability in operating revenues and with structural costs still high, Exor's support confirms itself as a pillar for business continuity.

The weight of the wages and the Vlahovic issue

Despite this, the analysis of the balance sheet highlights the need to reduce expenses, especially those related to players considered outside the technical project. A choice also born from how the Serie A championship has shown that having balance sheets in order can lead to winning the championship as happened with Aurelio De Laurentiis' Napoli . At Juventus, the name on everyone's lips is that of Dusan Vlahovic who is the most expensive player: the Serbian striker entails an annual cost of 41.75 million euros (19.55 million in amortization and 22.2 million in gross salary). Douglas Luiz (18.99 million), Arthur (17.44 million) and Kostic (7.69 million) follow. Among the redundancies are also Tiago Djalò, Timothy Weah, Daniele Rugani, Arkadiusz Milik and Fabio Miretti. In total, the nine redundancies generate an overall cost of over 104 million euros.

These players are not part of the technical plans of Igor Tudor and the management. Some have returned from loans (like Arthur and Kostic), others have not found space in the last season (Milik) or are too expensive (Vlahovic and Douglas Luiz). In particular, the Brazilian Douglas Luiz , who arrived in the summer of 2024 as one of the most important signings, has never convinced either with Thiago Motta or with the Croatian coach and has also had little space in the Club World Cup.

His overall cost for the season exceeds 18 million euros , making him one of the most expensive redundancies. But the top spot still belongs to Vlahovic, who cannot be excluded from being sold in the next few weeks, even on loan with an obligation to buy, in order to reduce the cost in the budget and free up salary space. In general, Juventus aims to reduce these costs by freeing up salary space and decreasing the amortization of player registrations. The objective is to respect the UEFA limit of the squad cost ratio : the maximum ceiling to which the ratio between costs and revenues can tend, or 70%.

The Impact of Jonathan David

In this scenario, many have appreciated Juventus' choice to focus on a young and talented free agent. Furthermore, he is a striker, a choice that therefore suggests a way to put pressure on Vlahovic and find a solution for his transfer. In reality, however, Jonathan David has had a significant financial impact on Juventus' budget. The Canadian striker has signed a contract until 2030 worth 6.5 million gross per season, with bonuses of up to 1.5 million. Added to this are 15 million between commissions and signing bonus for an operation that has therefore cost at least 20 million euros at the moment. Although no compensation was paid for the player's registration, the operation has still generated a significant outlay and represents an important investment in a player who, at least in the technical plans, will have to replace Vlahovic and lead the attack of the new Juventus.

Indebtedness and debt situation in Serie A

In terms of gross debt, Juventus is in second place among Italian clubs with 638.9 million euros (data as of June 30, 2024), behind only Inter with 734.8 million. Roma follows with 636.3 million, of which 309 million towards the ownership (Friedkin Group). In the difference between debt and liquidity, Juventus, Inter and Roma present largely negative values, due to the bonds issued and the lines of credit activated. Precisely for this reason, Exor's intervention with the capital increase is a move to reduce debt and face the next sporting and economic seasons with greater solidity.