Juventus lost a record €254 million ($246m) in the financial year ending June 30, as revenue fell and costs rose during the Italian club’s first trophy less campaign in a decade.
In a statement late on Friday, Juventus said it would also finish the 2022-23 financial year in the red, as it continues to feel the impact of the COVID-19 pandemic.
It’s the fifth consecutive year Juventus have reported a loss, and it’s €44.4m more than in 2020-21.
The bleak financial outlook coincides with a tough start to the new season for Italy’s most successful side.
Juventus, who sit eighth in the Serie A table, said they had raised €23m from the 2022-23 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, who raised €400m 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.
By contrast, operating costs rose by 7.6% over the same period, the Juventus statement added.
Juventus said the increase in losses was mainly due to decreased income from TV rights and media revenues due to fewer Champions League matches.
Juventus were eliminated by Villarreal in the first knockout round of last season’s Champions League.
The Bianconeri have also lost their opening two matches of this season’s Champions League — to Paris Saint-Germain and Benfica — and have won just two of seven Serie A games.
Last weekend, Juventus suffered a shock defeat at promoted Monza raising questions about the status of coach Massimiliano Allegri.