Juventus Post Near €200 Million Loss For 2023/24 Season
Date
9/27/2024 11:39:42 PM
(MENAFN- The Peninsula)
AFP
Milan: Juventus announced on Friday that they recorded losses of nearly 200 million euros 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 euros ($222.3 million) in the 2023/24 campaign, a significant increase on the 123.7 million-euro 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 euros and led to revenues dropping to 360 million euros.
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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 euros 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 euros to 36 million euros 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-euro ($428 million) debt.
AC Milan posted a profit of 6.1 million euros in their most recent accounts, for the 2022/23 season.
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