A giant that’s bleeding: Juve lost €210 million

The Turin football giant has lost Cristiano Ronaldo and is out of form. On top of that, it has “managed” to record the biggest financial loss in the history of the Italian league.

Juventus Turin hasn’t had such a poor start to a Serie A season since 1961. The most famous club in Italian calcio is struggling at the start of the season, with Massimiliano Allegri’s squad sitting second to last in the league table after four rounds. The star-studded lineup has completely failed to meet expectations, collecting only two points. But Juventus fared no better in its latest financial results. The 36-time league champion posted a loss of €210 million for the 2020/2021 fiscal year.

The club from the capital of the Piedmont region even surpassed the previous record deficit held by AC Milan 14 years ago. Milan’s figure back then was “only” a €206 million loss. The year-on-year comparison is just as troubling for today’s Juventus. Yes, the 2019/2020 fiscal year also ended in the red, but the loss was significantly smaller—specifically, €89.7 million. “That figure is an exclamation mark. A loss of more than €200 million in one year is really significant,” confirmed sports analyst Jozef Tokos for Economic Daily.

Juventus didn’t have a successful season on the pitch last year, finishing only fourth in the domestic league and exiting the Champions League unexpectedly early, already in the Round of 16. And even star Cristiano Ronaldo couldn’t save them, though his annual salary consumed €31 million from the club’s budget. On the other hand, the iconic CR7 was a key figure on the pitch. That’s why debates increasingly arose over whether Juve should keep its Portuguese superstar in the squad. “If it was a young player like Haaland, the club might even reject a nine-figure offer. The question is whether a financially impacted Juventus could afford to keep Ronaldo. Maybe they could have, by cutting his astronomical salary, but a player like Ronaldo is still in high demand,” Tokos pointed out. And it’s no wonder—during his three years on Italian pitches, Cristiano Ronaldo scored an impressive 101 goals in 134 matches for Juventus. At least in the early part of this season, it seems that with Ronaldo’s departure, Juventus also lost his winning mentality—and, along with it, crucial league points. Furthermore, the club’s image was damaged by its involvement in the controversial European Super League project, with Juventus chairman Andrea Agnelli being one of its most vocal supporters.

Regardless, Juventus management announced just days ago that the current season would serve as a kind of consolidation phase. That likely means several internal cuts and “slimming” measures within the club. Such words are never well-received by fans—and when it comes to giants like Juventus, even less so. The club, which is the flagship of Italian football and currently has a squad valued at over €640 million, may be able to stabilize internally for a year. But if that process drags on, local tifosi will likely see such statements as excuses and begin demanding changes in top management. According to Tokos, the latest financial results require reading between the lines—especially in terms of total revenue and operating costs. While revenue dropped by 16 percent year over year, operating costs actually increased by €35 million. “Of course, Ronaldo’s salary stands out in the expenses. But if a club’s operating costs rise sharply during a pandemic year, there are clearly internal inefficiencies. This is the result of poor managerial decisions by specific people in leadership,” Tokos concluded.