“However, as of the date of this Supplement, there is a risk that the Managers may deem the events described above (i.e., the search and seizure order and the investigation by the Public Prosecutor’s Office of the Court of Turin) to meet the conditions for the exercise of their withdrawal rights under the Underwriting Agreement.”
This means there is a risk to see some Juventus shareholders withdraw from the capital increase, a mere cash injection, which, in the worst case scenario, would worth €255m and not €400m.
“If the Offering were to be only partially carried out, limited financial resources would flow to us. In such event, absent further actions promptly taken by the Company to support the implementation of the Updated and Confirmed Development Plan [Ed. i.e., the Company’s development plan for the 2019/20 – 2023/24 fiscal years], we may not be able to continue our business as a going concern.”