ffp is not our concern, but sustainability is. i can easily imagine beppe doing that for financial reasons.
allegri would be happy again: he'd find himself in a position when he had to build a team from scratch at the start of the season
Honestly, with sports, it doesn't matter if you have cash flow deficits. If your revenue grows, your valuation will grow (unless its growth from asset sales).
Sports teams are unique in 1 way. It is live content, with an extremely large and loyal fanbase. Over the last 10+ years non-live content has seen a huge change, and most media companies have been under immense pressure. Even Disney, which has 30-40% of its earnings from ESPN was under heavy pressure, but has seen some relieved by the success of the movie studio business.
Fact is: live content is still hard to replace. News is live content, but it is easier to replace than live sports (ie: go on Twitter or or look for online news). But sports? there is a reason that every time a rights contract is negotiated, the annual fee increases by almost 100%. It is irreplaceable.
So for Juventus, if it wants its stock to go up. There is only 2 it must do.
Drive as much top line growth as possible by being a top 3 club globally. Football becomes more global every year, and one day the Champions League may be replaced by a european super league (maybe not now, but in 10 years, maybe). Essentially, it can't be afraid to invest and have cash flow deficits. It must control the debt load as well, and ensure it can always get out of trouble (if say, the team doesn't make champions league one year).
There are 3 ways a team can go bankrupt:
1: Too many wages, without having players with sufficient market value to alleviate this pressure through sales. Ie: don't buy 10 Ronaldo aged players. If you have a bias for youth, you can always sell.
2: Too much debt, to the point where you cannot cover your interest expenses. Well European interest rates are near 0. Sell Sturaro and you can pay your annual interest. lol.
3: Inability to refinance debt. Once again, I doubt that happens. Juventus is a jewel. Exor would inject equity if needed.
Juventus is fine. As long as Juventus is a prominent team in the world, the market value of Juventus will increase.
Obviously there needs to be some discipline, just don't raise 1B in debt. lol
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