Juventus have posted losses of €71.4 million (USD84.8 million) for the year ending 30th June 2020.
The club’s report highlights the effects of Covid-19 pandemic and it’s impact on European football, with a negative of €31.5 million compared to the loss of €39.9 million registered for the previous year.
It means the Serie A club have posted their third straight year in the red, following a €39.9 million (US$47.5 million) deficit in 2019.
Juventus won their ninth consecutive league title, the Old Lady saw year-on-year (YoY) revenues fall from €621.4 million (US$738.6 million) to €573.4 million (US$681.6 million). Matchday and merchandise income were severely impacted during lockdown and when the campaign resumed behind closed doors.
Juve’s YoY costs did drop from €458.5 million (US$545.1 million) to €414.1 million (US$492.2 million), but it was not enough to prevent the overall increase in losses.
As a result of the economic downturn from coronavirus means another loss is expected for 2020/21, the club said.
It is a mark of the financial severity attributed to the health crisis that the club is posting a bleak financial picture already for next year, despite numerous commercial deals signed during the 2019/20 season.