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- Juve see revenue fall 7.8% YoY to €443.4m
- Debt cut by 60.7% to €153m following €400m capital increase
Italian soccer giants Juventus posted a loss of €254.3 million (US$245.4 million) for the 2021/22 financial year, setting a new record for a Serie A club.
Revenue for the period ended 30th June 2022 was down 7.8 per cent year-over-year (YoY) to €443.4 million (US$427.9 million), while operating costs increased 7.6 per cent to €483.4 million (US$466.6 million).
Juve cited the lingering impact of Covid-19 and its various restrictions, as well as decreased TV rights income and fewer Uefa Champions League games, for the downturn in revenue and another year in the red. The club was hit by a loss of €209.9 million (US$202.6 million) for 2020/21 and the 36-time Italian champions have now posted a loss for five consecutive years.
Net financial debt at the close of the financial year was down 60.7 per cent YoY to €153 million (US$147.7 million). This followed the club’s capital increase of more than €393.8 million (US$380 million), announced in the summer of 2021, to support its finances.
Even so, the record loss means Juve reclaim the unwanted accolade from Inter Milan, who suffered a loss of €245.6 million (US$237 million) for 2020/21.
SportsPro says…
Juve had dominated the domestic scene for the best part of a decade, clinching nine consecutive Serie A championships from 2012 to 2020. Their bid for a tenth straight tile proved a damp squib and they could only scrape into fourth place. Last season was also underwhelming courtesy of another fourth place finish and a Champions League exit in the round of 16. The team currently lie eighth in the domestic top flight.
It adds to what has been a turbulent period off the pitch for Juve chairman Andrea Agnelli. The 46-year-old is anxious to tap new revenue streams and viewed the botched Super League project, for which he was a chief architect, as a silver bullet.
Agnelli may not have given up on the breakaway competition but he has plenty of other things to worry about at the moment. He doesn’t want to pay the millions needed to get rid of underperforming manager Massimo Allegri and is facing major sanctions by Uefa for Juve’s Super League involvement. It is some departure from where the club was under his leadership at the end of the last decade.
