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Giovanni Carnevali used Juventus’ shareholders’ meeting on 3 November to outline a rebuilding strategy based on youth development, scouting and coordination across the club. The chief executive also backed Luciano Spalletti, while stressing the limits on transfer spending. His promises will ultimately be judged by recruitment and player development.
Youth development is protected from cuts
Carnevali wants the senior squad, Next Gen and academy to work within one sporting strategy. The reserve team’s role should not be judged solely by league positions: preparing players for the top level is part of its purpose.
“We can save money elsewhere, but not on young players.”
Developing talent could eventually reduce the need to buy players for every position. However, Carnevali did not announce a dedicated investment figure or a target number of academy graduates for Spalletti’s first team.
Twenty academies, with a review still ahead
The executive said Juventus operates 20 academy centres in Italy, 14 of them in Piedmont. He proposed reviewing their operations and the assistance provided to affiliated amateur clubs. That is an intention to assess the system, rather than a completed reform.
Scouting and an Italian identity
Carnevali highlighted the work of Ricky Massara and Marco Ottolini and said the club is strengthening its scouting structure. He also wants a stronger Italian presence in Juventus’ sporting project. No specific signing targets, budgets or restructuring deadlines were announced.
He also addressed Juventus Women and the club’s wider off-pitch activities. The proposed rebuild therefore goes beyond the senior men’s squad.
Support for Spalletti, caution on transfers
Carnevali’s backing for Spalletti was explicit. On transfers, he stressed that Juventus must operate within its means and respect financial commitments to UEFA. He favoured planning and continuity over promises of an immediate return to winning.
The financial backdrop helps explain that caution. According to La Gazzetta dello Sport, the club recorded a consolidated loss of about €66 million in the 2025/26 financial year, with shareholders approving the accounts. Developing young players and controlling costs are therefore linked priorities.
What is decided and what remains uncertain?
- Confirmed: public support for Spalletti and a commitment to youth development and scouting.
- Stated direction: a larger role for Next Gen and Italian players.
- Unanswered: investment amounts, recruitment targets and pathways into the first team.
The next transfer window and opportunities offered to emerging players will provide more useful evidence of the strategy than another round of speeches.
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Shareholders approved the accounts for the year ended 30 June 2026 and authorised the board to increase share capital by up to €250 million. The club statement also confirmed that the board reappointed Carnevali as chief executive. The €250 million is the ceiling of the board’s authorisation. TuttoMercatoWeb
The resolution authorises the board to raise capital. It does not allocate funds for January transfers.
The financial test: what did sales of young players contribute?
Moving Next Gen closer to the first-team pathway also changes the funding equation. Gazzetta compared sales since 2022: €152.8 million for young players and €159.4 million for senior players, excluding bonuses. These are newspaper totals based on its classification of players, rather than aggregate accounting gains.
Two Juventus announcements dated 30 July 2024 illustrate the distinction. Soulé’s transfer carried €25.6 million payable over four financial years, up to €4 million in bonuses and a stated positive economic impact of €22.4 million after ancillary costs. Huijsen’s transfer carried €15.2 million over five financial years, up to €3 million in bonuses and a positive impact of €13.7 million.
Together, the fixed fees were €40.8 million and the announced economic impact was €36.1 million. This is JuveSempre’s calculation from the two statements. The €4.7 million difference and payment schedules show why transfer fees, accounting results and cash available at a particular moment must be treated separately.
Carnevali’s challenge is to replace the benefits previously obtained by selling young players. Keeping a prospect can reduce the need to buy in his position, but requires minutes and an actual squad role. The useful measures will therefore include sustained playing time and lasting first-team places, as well as the number of debuts.
Juventus — Soulé · Juventus — Huijsen · La Gazzetta dello Sport
Sources and editorial note: Original JuveSempre editorial summary, not a full translation of the remarks. JuventusNews24 (speech), JuventusNews24 (shareholder questions), La Gazzetta dello Sport (accounts).