Juventus register “sustainable” financial losses, now set for a more challenging year

On Tuesday, the Juventus board of directors will meet to approve the financial accounts of the 2022/23 campaign.

The board consists of club president Gianluca Ferrero, CEO Maurizio Scanavino, accountant Fioranna Negri, attorney Laura Cappiello and Diego Pistone.

These are the five persons who took over in January following the shocking resignation of former club president Andrea Agnelli and the rest of his board.

According to Tuttosport via ilBianconero, Juventus have registered losses of 115 million euros during the 2022/23 financial year.

But despite being clearly in the red, the source notes that the club managed to halve the deficit compared to the previous year. In the 2021/22 season, Juve recorded a loss of 239 million.

So after adopting some austerity measures and reducing the expense, Juventus managed to register improved results. The report considers the new figure “sustainable”.

However, the source projects a worse result next year. After missing out on Champions League football, the club’s profits will comprehensively decrease.

As the report explains, Juve’s budgets over the past decade received a boost of around 80 million euros per year thanks to the club’s participation in Europe’s elite club competition.

So with the UCL money out of the equation, the losses could increase next year. Hence, returning to the competition starting next season is of paramount importance for the club on all levels.

Source link : https://www.juvefc.com/juventus-register-sustainable-financial-losses-now-set-for-a-more-challenging-year/

Author : Michel Sakr

Publish date : 2023-09-18 10:00:00

Copyright for syndicated content belongs to the linked Source.

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