HomeSerie AJuventus reports record loss after missing out on trophies

Juventus reports record loss after missing out on trophies

Serie A - Juventus v U.S. Sassuolo
Soccer Football – Serie A – Juventus v U.S. Sassuolo – Allianz Stadium, Turin, Italy – August 15, 2022 Juventus players applaud fans after the match REUTERS/Massimo Pinca

MILAN (Reuters) – Juventus lost a record 254 million euros ($246 million) in the financial year ending June 30, as revenue fell and costs rose during the Italian football club’s first trophyless campaign in a decade.

In a statement late on Friday, Juventus flagged it would also finish the current 2022-2023 financial year in the red, as it continues to feel the impact of the COVID-19 pandemic.

Juventus, which currently ranks eighth in Italy’s Serie A standings, said it had raised 23 million euros from the 2022/2023 season ticket campaign, slightly below the ticket campaigns of the pre-pandemic seasons.

This was partly because of a decision to leave more tickets available for “single-access” Championship matches, and also discounts to compensate season tickets holders for matches that were closed to the public during the pandemic.

Juventus, which raised 400 million euros in a new share sale in December to cut debt, said its performance would greatly improve this year thanks to steps taken to cut costs and boost revenues over the medium term.

“The expected improvement (is) not such, at present, as to suggest the achievement of break-even from the current financial year,” the club said.

($1 = 1.0320 euros)

(Reporting by Elvira Pollina; editing by Valentina Za and Jane Merriman)