Kuala Lumpur Post

Sports

Juventus first half financial loss widens to 95 million euros

MILAN — Juventus JUVE.MI said on Friday that its net loss widened to €95.1 million in the first half of its 2023-24 fiscal year as its ban from lucrative European competition this season over financial irregularities weighed on the Italian football club’s revenue.

The result marks a significant increase on losses of €29.5 million in the same period of the previous fiscal year.

Revenue fell almost 26% to €173.3 million between July and December last year, Juventus said in a statement.

To shore up its cash-strapped finances, the Serie A club has announced a €200 million capital increase, which is expected to be launched by the end of April.

Exor EXOR.AS, the investment arm of the Agnelli family, which has been controlling the Turin-based club for over a century, already covered the proportion of the cash call matching its 64% stake and will also act as a guarantor for the remaining part.

Juventus was hit by an accounting scandal linked to player trading and salary payments in late 2022, whose consequences included a ban from this season’s European competitions.

Juventus reiterated on Friday that it forecast another loss in the current full fiscal year after it reported a consolidated loss of €124 million in to June 30, 2023, bringing its cumulated losses to over €700 million in six years.

It last posted a net profit in 2016-2017. — Reuters