Juventus Football Club has underwritten with the Istituto per il Credito Sportivo a second financing contract of € 10 million, lasting 12 years in addition to a maximum pre-amortisation period of 2 years, at the same conditions envisaged by the first mortgage of € 50 million stipulated on 20 March 2009, so as to finance some additional investments and design improvements, voted by the Board of Directors on 10 May 2010 for construction work on the new Stadium area.
In acknowledging the respect of the timing and costs envisaged in the original investment programme, Juventus has in fact decided to develop immediately the preliminary works on the commercial facilities within the EAST area (8,000 square metres for commercial and business services) as well as some architectural improvements, such as the WEST façade and the paving, and other minor works that it was judged appropriate to bring forward considering the positive progress in the works.
The new mortgage contract stipulated today with the Istituto per il Credito Sportivo makes it possible to increase the financial coverage of the overall investment planned for the new Stadium area which, following the additional investments and design improvements decided, rises to € 120 million.
The financial coverage of the investment is thus guaranteed by the two mortgage contracts underwritten with the Istituto per il Credito Sportivo, by the advance receipts envisaged by the Sportfive contract in the construction period and by revenues from the sale of the adjacent commercial areas on 1 December 2009.
Andrea Cardinaletti, president of Credito Sportivo: “The renewed commitment by Credito Sportivo for the building of the new Juventus stadium, confirms the quality of the collaboration which matured during the year. The agreement signed today is an ulterior testimony of faith in the efforts that the club has made in order to build a stadium which represents ain the best of manners Italian football. It is a stadium that is showing the greater potentials of income in respect to those initially foreseen and which deserves more investments even in lieu of the success of the initial commercial ones promoted by Juventus. The commitment of Credito Sportivo is encouraged also by the fully met work deadlines and the financial solidity of the club that is following an ambitious construction plan for a new way of making football in Italy.”
Jean-Claude Blanc, president of Juventus: “With this new financial operation, Credito Sportivo had proven to be a reliable partner which is capable of responding promptly to the necessities of Juventus, which is adding professionalism and passion to the route thyat will lead to the building of the new stadium.”
Juventus.com
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Blanc is doing great on this aspect at least.