MILAN (Reuters) – Juventus said on Friday its net loss widened to 95.1 million euros ($102 million) in the first half of its 2023-24 fiscal year as its ban from lucrative European competition this season over financial irregularities weighed on the Italian soccer club’s revenue.
The result compares with a loss of 29.5 million euros in the same period of the previous fiscal year.
Revenue fell almost 26% to 173.3 million euros between July and December last year, Juventus said in a statement.
To shore up its cash-strapped finances, the Serie A club has announced a 200 million euro capital increase, which is expected to be launched by the end of April.
Exor, the investment arm for the Agnelli family, which has been controlling the Turin-based club for over a century, already covered the proportion of the cash call matching its 64% stake and will also act as a guarantor for the remaining part.
Juventus was hit by an accounting scandal linked to player trading and salary payments in late 2022, whose consequences included a ban from this season’s European competitions.
Juventus reiterated on Friday it forecast another loss in the current full fiscal year after it reported a consolidated loss of 124 million euros in to June 30, 2023, bringing its cumulated losses to over 700 million euros in six years.
It last posted a net profit in 2016-2017.
($1 = 0.9282 euros)
(Reporting by Elvira Pollina and Giulio Piovaccari; Editing by Josie Kao)
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