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Soccer Juventus reports wider first-half financial loss – Reuters

Soccer Football – Serie A – Juventus v Torino – Allianz Stadium, Turin, Italy – February 18, 2022 Fans before the match REUTERS/Massimo Pinca

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MILAN, Feb 24 (Reuters) – Juventus (JUVE.MI) slipped to a deeper loss in the first half of the 2021-2022 financial year as the Italian soccer club received less money for TV and radio rights and crowds remained limited because of the coronavirus pandemic.

Controlled by Exor (EXOR.MI), the holding company of the Agnelli family, Juventus recorded a loss of 119 million euros ($133 million) in the six months ending Dec.31, compared with a 113.7 million euro loss in the period a year earlier.

Operating revenue fell by 13.6% to 223 million euros, blamed in part on the weaker media income compared to the period a year earlier when it played more matches.

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In its statement, the Turin-based club also noted that stadiums remained only at 50-75% capacity because of health concerns, further limiting income.

Juventus, which completed a 400 million euro fundraising in December, said it expects to end the current financial year with another significant loss after reporting a record deficit of 209 million euros in the previous year.

Italy’s most successful club sees a significant improvement in its business from 2022-23 onwards as the health emergency is expected to ease.

Italian finance police searched club offices last November, seeking documents relating to player trading between 2019 and 2021. read more

Juventus confirmed it was cooperating with the investigators and that it believed it complied with the laws and regulations governing the preparation of financial reports.

The team is currently fourth in Italy’s Serie A and is also in the last 16 of the Champions League.
($1 = 0.8957 euros)

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Reporting by Elvira Pollina
Editing by Keith Weir

Our Standards: The Thomson Reuters Trust Principles.

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