Reuters - 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 euros ($138.18 million) in July-December, compared with a 50.3 million euro loss in the same period a year earlier.
Revenue fell by 20% to 258.3 million euros, mainly due to the impact of COVID-19, the Turin-based club said in a statement. Net debt fell 7.1% to 357.8 million euros.
Juventus reported a loss of nearly 90 million euros in the 2019-2020 financial year.