The board of Italy’s Juventus has set the guidelines of a rights issue of up to 400 million euro after estimating the impact of the COVID-19 pandemic on the club, it said on Wednesday.

Juventus estimates that the pandemic had an impact of 320 million euros ($379.20 million) on the fiscal years between 2019 and 2022, as stadiums stayed closed for extended periods of time due to COVID-19 restrictions and lockdowns.

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The Serie A club board plans to examine and finalise the rights issue proposal in September, ahead of the annual shareholders’ meeting in October which is set to approve 2020/2021 results.

It also said top shareholder Exor plans to subscribe to its share of the rights issue, equal to 63.8%, adding it had contacted lenders to find an underwriting syndicate for any unsubscribed shares.

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