Juventus, from the “bloodbath” to “possible” sales: the three warnings issued by Carnevali

Qualifying for the next Champions League is crucial and the clear top priority. The money missing from the 2026/2027 accounts without UEFA's top competition will have to be made up elsewhere, but if the club fail to qualify for two years running they will be forced into far more significant and extreme measures.

"What matters is winning. Yes, you have to win. But you also have to understand how to do it. Fourth place has become more about business than football, if you get into the Champions League it’s one thing, otherwise it’s a bloodbath"

Carnevali stressed that the club already face significant constraints they must respect, above all under the Settlement Agreement signed with UEFA.

"Juventus must balance sporting results and financial ones. Sustainability must go hand in hand with competitiveness. The money from the Champions League is very important, also because we have signed the settlement agreement with UEFA and we have some constraints to respect"

Unless they find a way to grow organic revenue outside the sporting departments, Juventus will have to cover the shortfall in the only way that directly affects the sporting side: player trading. Carnevali reiterated that, right now, dreaming of star signings is not realistic. The next transfer windows will have to be built on bargains and opportunities, "hoping" not to have to make a high-profile sale by June.

"We want a competitive team, we know that we have limits that we must respect. We will see how the market develops. I would like to sign three great champions, but it cannot be done. So we have to strengthen the team by operating intelligently and taking advantage of opportunities. It is not even a given that a high-profile sale will have to be made in June to finance the market. We have lads out on loan with the possibility of the clubs making their moves permanent. Maybe that could be enough"

Luciano Spalletti must work in that context, charged with making Juventus entertaining and competitive again, dragging them back into the Champions League with no room for error and perhaps winning a trophy like the Europa League.

If that doesn't happen, Juventus will have to sell to restore the club's financial balance. The biggest name who could put the books right in one move remains Kenan Yildiz, signed on a free transfer and therefore representing a potential pure capital gain on the balance sheet if he leaves, but Thuram, Bremer, Conceicao and even Alajbegovic should not be overlooked either, given they have far more of a market than players such as Koopmeiners, whose impact on the balance sheet will have to be softened in another way.

So who has left Juventus this season and could still be signed permanently, giving Carnevali some breathing space and room to manoeuvre?

The two biggest names are still Lois Openda, who is on loan at Lyon without a pre-agreed option to buy and will weigh almost €30 million on the books as of 30 June 2027, and Jonathan David, for whom Atletico have an option to buy for €25 million.

Bournemouth also have an option to buy Michele Di Gregorio for €12.7 million plus €1.5 million in bonuses. Besiktas can sign Fabio Miretti permanently for €13 million. Fiorentina, meanwhile, can keep Joao Mario by paying €9.5 million to Juventus.

Vasiljie Adzic could also be one to sacrifice. He is flying at Sassuolo, who have an option to buy for €12 million, while Juventus would retain a buy-back option at €13.7 million.

If every deal went through, excluding Openda from the calculation, as there is no pre-agreed figure, and excluding any Adzic buy-back, Juventus could raise a total of €72.2 million from their surplus players. That would be enough to offset the missing Champions League 2026/27 revenue.