Corona pandemic cost Juventus club 71 million euros
The Italian football club Juventus announced Friday that its losses amounted to 71.4 million euros for the fiscal year ending June 30, 2020, an increase of more than 30 million euros over the same period last year due to the impact of the emerging Corona virus pandemic.
The Italian champion in the past nine seasons confirmed that "after losing 39.9 million euros in the previous financial year, which saw the signing of Portuguese star Cristiano Ronaldo, this time the club recorded a loss of 71.4 million euros."
It is the third year in a row that Juventus' listed accounts have suffered from a deficit.
"The restrictions adopted by the authorities led to the closure of the museum and shops," and caused consequences for the proceeds of promotion "for the team, but primarily resulted in the payment of entrance tickets and part of fan subscriptions, as matches are," the club added in its statement presenting the figures for its past fiscal year. It was built without an audience after the resumption of football activity in the country.
The club added that the suspension of competitions "also led to a decrease in the broadcast rights revenues for this year."
He explained that the salary reduction agreement with the players and the coach, for the period between March and June, helped to reduce the impact of losses, with a positive impact on the financing, which amounted to 90 million euros.
The team expected that the next fiscal year will witness more losses, given the doubts surrounding the extent of the effects of "Covid-19" in the coming period.
The European Football Club Association, headed by Juventus President Andrea Agnelli, said Tuesday that the "Covid-19" epidemic may reduce club revenues in the old continent by about 4 billion euros, which affects the fiscal year 2020-2021 more than last season.
"A lot of clubs risk their existence," Agnelli said at the time.
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