Juventus became the latest footballing giant to announce a loss, as the club’s board announced on Monday that Juve lost 39.5 million euros during the first half of the 2010-11 season. Over the same period of the previous season, the club recorded profits of 14.2 million euros.
Revenue for the period was 88.8 million euros, a fall of 29% on the previous year (125 million euros). One big reason for the 29% drop in revenues was that Juve was in the Europa League this season instead of the more lucrative Champions League. There were also changes to the way money from television rights is shared between Italian clubs, which contributed to the shortfall.
The Juventus board revealed that it was predicting “a significant loss” for the period between now and the end of the season.
Juve is currently in seventh place in Serie A, seven points away from a Champions League qualification place after losing four of their last six games. Unless they can stage an quick turnaround on the pitch, Juve’s financial situation is not going to improve in the foreseeable future.