Home Serie A Juventus announce £99M losses during first half of the season as Covid-19 continues to wreak havoc

Juventus announce £99M losses during first half of the season as Covid-19 continues to wreak havoc

by Football Frenzied

Juventus announce huge £99M losses during first half of the season – DOUBLE this time last year – as Covid-19 pandemic continues to wreak havoc… but Serie A champions insist it will NOT affect their business in the transfer window this summer 

  • Juventus announced their mid-season financial report for the 2020-21 campaign
  • The Old Lady have made a loss of £99.07m in the first half of the current season
  • The coronavirus pandemic has attributed to around £43.5million of the losses
  • The Serie A champions insist it will not affect the club in the transfer window

Juventus have announced a loss of nearly £100million in the first six months of the 2020-21 season, with the Serie A giants claiming around £43.5million has been lost due to coronavirus. 

Clubs across Europe are are announcing financial losses this season due to the pandemic and the Old Lady, one of the biggest clubs in Italy, are no different.

Juventus chief Andrea Agnelli met with the club’s board of directors on Thursday to approve the financial report of the first half of the season, which showed the Italian giants’ losses have doubled compared to last year due to the virus. 

Juventus have announced a loss of £99million during the first half of the 2020-21 season

The Serie A giants claim around £43.5million has been lost due to the coronavirus pandemic

The Serie A giants claim around £43.5million has been lost due to the coronavirus pandemic

A Juventus statement read: ‘During the first half of the 2020/2021 financial year, the continuation of the pandemic generated a significant negative impact on revenues (mainly from competitions and products), which can be estimated at approximately 50 million euros (£43.5million). 

‘Vice versa, the impact on costs was not significant, as the savings related to the lack of competitions were partially offset by costs related to the pandemic (primarily, for health safety and protective devices).

‘The first half of the the 2020-21 financial year therefore ended with a loss of €113.7 million (£99.07million) compared to the loss of €50.3 million (£43.83million) in the first half of the previous year.’ 

Juventus are still playing in front of empty stadiums and revenue has gone down by £56m

Juventus are still playing in front of empty stadiums and revenue has gone down by £56m

Juventus also announced a revenue loss from €322.3million (£281.6m) in the 2019-20 season to €258.3m (£225.63m) this season, but claimed ‘the (financial) trends of sponsorships, advertising and, above all, those of e-commerce remain positive.’

The Old Lady continue to play their league and European matches in front of empty stadiums, therefore missing out on matchday revenue, as the Italian top-flight continue to ban fans from entering grounds due to health risks. 

The club continue to pay star striker Cristiano Ronaldo, who was deemed the second-highest paid footballer by Forbes before the pandemic with a yearly package of £78million-a-year, including £46million in salary and bonuses.

Juventus pay striker Cristiano Ronaldo around £33m-a-year even after a 30 per cent wage cut

Juventus pay striker Cristiano Ronaldo around £33m-a-year even after a 30 per cent wage cut

The Old Lady insist the financial issues will not affect Andrea Pirlo's side in the transfer market

The Old Lady insist the financial issues will not affect Andrea Pirlo’s side in the transfer market

However, Ronaldo agreed to a 30 per cent wage cut last season along with the rest of the Juventus squad, meaning he know picks up a £33million annual pay check without bonuses or extra image right-rated fees. 

In their mid-season financial statement for this season, Juventus predicted that financial losses are expected to continue, though the reigning Serie A champions claim this will not affect their transfer strategy for the 2021 calendar.   

The statement continued: ‘Despite the difficult general context, the directors have assessed that there are no significant uncertainties with reference to the use of the assumption of business continuity.

‘Despite a context influenced by the reduced liquidity of the system resulting from the persistence of the crisis, Juventus could make use of operations for the transfer of rights to the sports services of players.’

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Source: DailyMail

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