Juventus, the Italian soccer giants, have posted a loss of €254 million ($245 million) for the 2021-22 financial year.
The figure, covering the period ending June 30, is a 21.2% increase on the €210 million loss from last year and is the largest in the history of Italy's top-flight Serie A.
It is the fifth consecutive year Juventus have recorded a loss and their financial troubles will not improve over the next year either. The club have said they will also finish the 2022-23 season in the red due to the ongoing impact of the Covid-19 pandemic.
The Turin-based outfit attributed the €44.4 million increase in losses to decreased income from TV rights and media revenues of €64.8 million due to fewer matches in the UEFA Champions League clubs competition after being eliminated in the last 16.
Juventus’ revenue for the year stood at €443.4 million, down €37.3 million from €480.7 million in 2021-22, while operating costs rose by 7.6% to €483.4 million.
The club’s matchday revenue increased from €8 million to €32 million but is still significantly lower than the €74 million from 2018-19.
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The 2021-22 season was Juventus’ first without a trophy in a decade and the team has made a difficult start to this campaign, currently sitting eighth in Serie A after just two wins from their opening seven matches.
They have also lost their opening two matches in the Champions League and are in danger of being knocked out in the group stage.
Juventus have generated €23 million in season ticket sales for the 2022-23 campaign, slightly below the ticket sales of the pre-pandemic seasons.
The team raised €400 million in a new share sale in December to cut debt and said its performance would drastically improve this year thanks to steps taken to cut costs and boost revenues over the medium term.
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