Juventus revealed annual losses of €209.9million as the Italian giants defended their involvement at the forefront of the failed European Super League project.
The impact of the COVID-19 pandemic saw income plummet for the Serie A club during the 2020-21 financial year, Juventus said on Friday.
Juventus said it had covered the losses with its share premium reserve, meaning the club s overall net debt stood at €389.2million, just €4million higher than at the end of the previous year.
The Turin club had reported annual losses of €89.7million for 2019-20, and the club said it estimated direct and indirect adverse effects of the pandemic from March 2020 to June 2022 to amount to €320milion, based on an assumption that economic normality would steadily resume.
Juventus, who expect to post a significant loss for 2021-22, said the club s board had decided to start the process for a capital increase of up to €400million, including any share premium, to be offered to the company’s shareholders .
Since the end of the last financial year, Juventus have allowed star forward Cristiano Ronaldo to leave the club for Manchester United, collecting a transfer fee and saving significant sums on his salary.
Together with Barcelona and Real Madrid, Juventus have continued to back proposals for a Super League, despite widespread opposition to the scheme when it was revealed in April.
Where most clubs backed away from the project within days amid a wave of criticism, including the six English Premier League clubs involved, Juventus remain apparently keen for it to get off the ground.
Club chairman Andrea Agnelli was a prime figure behind bringing the concept together and Juventus included a section in their financial statement, in which they stood by their belief in the legitmacy of such a league.
The club described the Super League as an alternative to the UEFA competitions but not to national leagues and cups .
The Juventus statement said: As at today, it is not possible to predict with certainty the outcome and future development of the Super League project, of the legitimacy of which Juventus remains confident.
