Juventus revealed annual losses of € 209.9 million as the Italian giants defended their frontline involvement in the failed European Super League project.
The impact of the COVID-19 pandemic saw revenue for the Serie A club plummet during the 2020-21 financial year, Juventus said on Friday.
Juventus said it covered the losses with its share premium reserve, which means that the club’s overall net debt stands at € 389.2 million, just € 4 million more than at the end of the previous year.
The Turin-based club had reported annual losses of € 89.7 million for 2019-20 and the club said it estimates “direct and indirect negative effects” of the pandemic from March 2020 to June 2022 at € 320 million, based on the assumption that the economy would resume normalcy constantly.
Juventus, which expects to record “a significant loss” for 2021-22, stated that the club’s board of directors has “decided to start the process for a capital increase of up to € 400 million, including any share premium. , to be offered to the company’s shareholders “.
Since the end of last financial year, Juventus have allowed striker Cristiano Ronaldo to leave the club for Manchester United, collecting a transfer fee and saving significant sums on his salary.
Along with Barcelona and Real Madrid, Juventus continued to support proposals for a Super League, despite widespread opposition to the scheme when it was revealed in April.
Where most clubs have pulled out of the project within days amid a wave of criticism, including the six English Premier League clubs involved, Juventus appear to be eager to get off the ground.
Club president Andrea Agnelli was a leading figure behind putting the concept together and Juventus included a section in their balance sheet, in which their confidence in the “legitimacy” of such a championship has been affirmed.
The club described the Super League as “an alternative to UEFA competition but not domestic leagues and cups”.
The Juventus press release stated: “As of today, it is not possible to predict with certainty the outcome and future development of the Super League project, of which Juventus remains confident.”