MILAN, Sept 28 — Juventus yesterday announced that they recorded losses of nearly €200 million for last season, the latest set of the Serie A club’s accounts to be deeply in the red.
In a statement, Juventus said that they had lost €199.2 million (RM917.1 million) in the 2023/24 campaign, a significant increase on the €123.7 million loss for the previous season.
Juve said that the losses were chiefly caused by the “non-participation of the men’s first team in the Uefa Champions League”, which cost the club around €90-95 million and led to revenues dropping to €360 million.
The Turin giants were banned from European football for a year in July 2023 after breaching governing body Uefa’s Financial Fair Play regulations.
Juve would have not participated in last season’s Champions League in any case due to a 10-point penalty in Serie A for accounting offences relating to transfers, causing them to finish seventh in 2022/23.
They said that their accounts were also hit for €35.9 million by “a dispute with former registered players (Cristiano Ronaldo), for provisions related to the dismissal of the men’s first team technical staff, as well as the write-downs of players’ registration rights”.
Italy’s most widely-supported club, Juventus haven’t posted a net profit since 2016/17.
However, Juve say that they expect their “operating result and cash flow are expected to be in the break-even range” this season thanks in large part to the men’s team returning to the Champions League.
Juve’s biggest rivals Inter Milan chopped their losses from €85 million to €36 million in accounts announced on Wednesday.
US fund Oaktree assumed control of Inter Milan after the club’s previous Chinese owners Suning missed a deadline to repay a €395 million debt.
AC Milan posted a profit of €6.1 million in their most recent accounts, for the 2022/23 season. — AFP
