€400M in new capital. Sign Mercato will be lit.
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So to be clear:
1)We raised €300M last January 2020. Agnelli had this to say in October:
In January we launched a €300m capital increase that had three targets: maintain sporting competitiveness, increase brand visibility with a medium-term investment plan and financial consolidation. But we used that money in a way we didn’t expect to [due to Covid].”
2) because we used that €300M for the pandemic, it was not used for its original purpose. We are now raising incremental capital to cover pandemic losses from 2019-2022. Those losses were estimated at €320M. Some of the losses are already realized and swallowed up a sizeable portion (if not all) of the original capital raise.
3) so if this new capital is to deal with pandemic losses, it should free up that original capital raise to be used for its original purpose - investing in the team. Assuming all of that capital raise is used for covid: that would mean €80M of excess capital plus the original €300M available for “investment”. Perhaps it’s less.
So in summary, while a portion of the capital may go to pandemic losses, capital originally utilized for other purposes was used to plug the covid hole. Some, if not all of the original €300M should be freed up.
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