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Juventus sanction $632 million cash injection in response to coronavirus pandemic

Allianz Stadium, home of Juventus Source: Getty Images

Juventus' board of directors have sanctioned a cash injection of €400 million (A$632.4 million) as they look to redress the financial damage wrought by the coronavirus pandemic.

Like all clubs across Europe, Juve have seen their broadcasting, merchandising and ticket revenues hit by the closure of stadiums due to COVID-19.

The Italian club's analysis of the cost of the impact of the pandemic suggests that they are set to lose €320 million in total between 2019 and 2022.

As a result, the board have voted through a support plan to help ensure "sports competitiveness and economic-financial sustainability" are maintained.

They have also announced that Maurizio Arrivabene, former team principal of Formula One's Ferrari, will take charge of football business operations.

Juventus missed out on the Serie A title for the first time in 10 seasons last year, with Inter ending their wait to clinch the Scudetto.

Squad building under new boss Massimiliano Allegri continued on Thursday (AEST) as the club announced a contract extension for back-up goalkeeper Carlo Pinsoglio.

The 31-year-old has made just one Serie A start in his four seasons at Juve, but is a close friend of their star man Cristiano Ronaldo.

As he recently explained: "I have a beautiful friendship with him, my teammates make fun of me saying that I'll go to the Euros with the Portugal staff and Cristiano.

"Ronaldo is a simple guy, not a star, he's quiet, he likes to laugh and joke."

Source Omnisport