Considering the season that Juventus had a year ago, seeing another nine-figure amount of financial losses was not going to be a surprise. You crash out of the Champions League at the group stage, you have another season with a bloated payroll and don’t make a run at any silverware, that usually means that there’s not going to be any good news once the financial books are closed up and approved.
We just didn’t know how bad it would be.
Friday proved to be that day, and while the numbers certainly aren’t as bad as they were the last couple of years, it’s ended up being another year with a big, big number on the board.
After pushing their board of directors meeting back a couple of weeks, Juventus’ new board — which is closing in on their first anniversary of taking charge (yay?) — confirmed the losses that we were all expecting. It’s not the €254 million worth of ‘em we got a year ago, but it’s still nine figures worth of losses that are set to require another capital increase from the Agnelli family and Juve holding company Exor.
The number in terms of losses for the 2022-23 fiscal year, you ask? It’s at €123.7 million, which is obviously much better compared to the last two years when it was well over €200 million, but it’s still a whole lot of money to lose over the span of 12 months.
Because of that, the aforementioned capital increase — the second time within the last three years that they have needed such a massive amount of money — will be as much as €200 million to offset the losses from the 2022-23 fiscal year.
Juventus CEO Maurizio Scanavino said of the anticipated capital increase: “This important capital increase is confirmation of the commitment and bond that the Agnelli family has with Juventus. These are important resources that must be included in a sustainability and competitiveness project.”
As has been the case, Juventus’ announcement regarding the financial losses outlined why things were the way they were over the 12-month period, citing that they were “partly influenced by the negative effects on revenues and costs related to the outcomes of Italian and international sports proceedings.”
“Based on preliminary estimates as at 30 September 2023, the first-quarter of the financial year is expected to result in a loss exceeding one third of the share capital, fulfilling the requirements of Articles 2446 and 2447 of the Italian Civil Code,” the statement went on to say.
The official press release regarding the approval of the financial statements for the 2022-23 fiscal year is as follows:
Turin, 6 October 2023 – The Board of Directors of Juventus Football Club S.p.A. (the “Company” or “Juventus”), which met today under the chairmanship of Gianluca Ferrero, has, inter alia, (i) approved the draft financial statements and the consolidated financial statements for the year ending on 30 June 2023; the annual financial statements will be submitted for approval by the Shareholders’ Meeting, which is scheduled for 23 November 2023, on single call, at the Allianz Stadium; (ii) approved the update of the long-term plan for the years 2023/24 - 2026/27 (“Plan”) and (iii) defined the guidelines of an equity strengthening operation by means of a Capital Increase, against cash contribution up to € 200 million (“Capital Increase”).
As the press release states, the next step in the process will be at the Juventus shareholders’ meeting on Nov. 23 in Turin.