Juventus lost a record 254 million euros ($246 million) in the financial year to June 30 as revenues plummeted and costs rose in the club’s first trophyless campaign Italian in a decade.

In a statement on Friday evening, Juventus said they would also end the 2022-23 fiscal year in the red as they continue to feel the impact of the COVID-19 pandemic.

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It’s the fifth year in a row that Juventus have recorded a loss, and it’s €44.4m more than in 2020-21.

The gloomy financial outlook coincides with a difficult start to the season for Italy’s most successful team.

Juventus, who sit eighth in the Serie A table, said they raised €23m from the 2022-23 season ticket campaign, slightly below ticket campaigns from pre-pandemic seasons.

This is partly due to the decision to leave more tickets available for “one-time only” league matches, as well as reductions to compensate season ticket holders for matches that have been closed to the public during the pandemic. .

Juventus, which raised 400 million euros in a new share sale in December to reduce its debt, said its performance will improve significantly this year thanks to measures taken to cut costs and increase revenue medium term.

“The expected improvement [is] not likely, at the present time, to suggest reaching financial equilibrium for the current financial year,” the club said.

On the other hand, operating costs increased by 7.6% over the same period, the statement from Juventus added.

Juventus said the increase in losses was mainly due to lower TV rights revenue and lower media revenue due to fewer Champions League matches.

Juventus were knocked out by Villarreal in the Champions League first knockout round last season.

The Bianconeri have also lost their first two Champions League games of this season – against Paris Saint-Germain and Benfica – and won just two of seven Serie A games.

Last weekend Juventus suffered a shock defeat at promoted Monza which raises questions over the status of manager Massimiliano Allegri.

Information from The Associated Press has also been included in this report.