TURIN, Feb 26 — Italy’s Juventus said on Thursday it would close its 2020-2021 financial year with a loss after the Covid-19 crisis pushed the Serie A club further in the red, with revenues plummeting in the first six months due to closed door matches.
“At present, the 2020/2021 financial year is expected to result in a loss given that, unlike the previous one, it will be entirely influenced by the effects of the pandemic”, Juventus said in a statement.
The company’s financial year ends in June.
It added that the closure of stadiums and government-imposed restrictions penalised both proceeds from matches and sales of licensed product. Controlled by the Agnelli family, Juventus said it recorded a loss of €113 million (RM555.5 million) in July-December, compared with a €50.3 million loss in the same period a year earlier.
Revenue fell by 20 per cent to €258.3 million, mainly due to the impact of Covid-19, the Turin-based club said in a statement. Net debt fell 7.1 per cent to €357.8 million.
Juventus reported a loss of nearly €90 million in the 2019-2020 financial year.— Reuters
