Juventus announce $246m loss

Obinwannem News Juventus announce $246m loss

Serie A side Juventus Friday, blamed the novel Coronavirus for it loss of 209.9 million euros ($246 million) in the year to June 2021, up from 89.7 million the previous year.

The continued spread of Covid-19 had a “significant, direct, negative impact” on revenues, notably from the lack of ticket sales and products, the club said in a statement.

Some of this and other losses were however partly offset by higher income from broadcasting rights from matches postponed from 2020.

Juventus said in August the board of directors had approved a capital increase of 400 million euros to steady the club’s finances against the impact of the pandemic.

Coronavirus has hit club finances all over Europe, but according to finance company Deloitte, revenues in Serie A for the 2019/20 season were down 18 percent, the biggest drop of the continent’s top five leagues — England, Spain, Italy, Germany and France.

Mazi Akuma Chibuike reporting, Obinwannem News writer / September 18, 2021

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