Juventus lost a record € 254 million ($ 246 million) in the fiscal year through June 30 as revenues plummeted and costs rose in the club’s first trophy-free Italian campaign in a decade.
In a statement on Friday evening, Juventus said it will also close the fiscal year 2022-23 in red as it continues to suffer from the impact of the COVID-19 pandemic.
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It is the fifth consecutive year that Juventus have lost, and they are 44.4 million euros more than in 2020-21.
The gloomy financial prospects coincide with a difficult start to the season for the most successful Italian team.
Juventus, eighth in the Serie A standings, said they had raised 23 million euros from the 2022-23 season ticket campaign, slightly below the ticket campaigns of the pre-pandemic seasons.
This is partly due to the decision to leave more tickets available for “one-off” league matches, as well as reductions to compensate season ticket holders for matches that were closed to the public during the pandemic.
Juventus, which raised 400 million euros in December with a new sale of shares to reduce its debt, said its performance will improve significantly this year thanks to measures taken to reduce costs and increase revenues in the medium term. .
“The expected improvement [is] it is not likely, at the moment, to suggest that financial equilibrium is reached for the current year, “the club said.
In the same period, however, operating costs increased by 7.6%, adds the Juventus press release.
Juventus said the increase in losses was mainly due to lower TV rights revenues and lower media revenues due to fewer Champions League matches.
Juventus were eliminated by Villarreal in the Champions League round of 16 last season.
The Bianconeri they also lost their first two Champions League games this season – against Paris Saint-Germain and Benfica – and only won two of seven Serie A games.
Last weekend Juventus suffered a shock defeat against promoted Monza, which raises questions about the status of coach Massimiliano Allegri.
Information from the Associated Press was also included in this report.
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