Juventus' deficit plunges by €71.4m during 2019-20 season as COVID-19 crisis deepens

Serie A champions Juventus have been unrivalled in Italy, having clinched their ninth consecutive title the previous term. With the likes of Cristiano Ronaldo in the ranks, the Bianconeri possess a hefty wage bill, apart from the presence of Paulo Dybala as well. It now appears that the Juventus finances have taken a hit for the third season in a row, much to the chagrin of the club's board. 

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Coronavirus leaves major impact on Juventus finances 

According to the club's website, Juventus have posted revenue losses amounting to €71.4 million this year. The Juventus finances have suffered losses for the third time in as many years. The losses have increased further by €31.5 million from their previous financial sheet. The club suffered losses amounting to an additional €39.9 million the previous season. 

The coronavirus pandemic and the knock-on effect that followed has had a major impact on the Juventus finances. The Old Lady's revenue fell from €621.4 million to €573.4 million on a year-to-year basis the previous term. A shortfall in the income from the fans and merchandise sales seem to account for a major chunk of the loss. 

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Juventus finances to suffer further during 2020-21 

In another major setback to the club's revenue mechanism, the Turin-based outfit believes that it will be impossible to recover the losses as the new season nears. Juventus finances are likely to take a hit once again in the coming season. First-team players including Cristiano Ronaldo took a pay cut the previous season to help the club during financial distress. 

Notably, Juventus are set to rework on their contract with sponsors Jeep. If the contract is renewed, Juventus finances are set to receive a boost amounting to €25 million a year. On the other hand, another contract extension with global insurance firm Allianz until 2030 is in the pipeline, which will further rope in €103.1 million. Gazzetta dello Sport reports that shirt sponsorship revenue brings in €100 million for the club annually. 

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Juventus transfer news: Several exits on the cards 

Juventus have a hefty financial sheet, that includes the Cristiano Ronaldo salary amounting to €30 million. The club has tried to cut their revenue shortfall with the termination of contracts of some of the first-team players. Blaise Matuidi has joined Inter Miami, while the club is also working on terminating Gonzalo Higuain's contract. Mattia di Sciglio will likely be included in the deal to sign AS Roma striker Edin Dzeko, in an attempt to cut down on the transfer price. 

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Image courtesy: Juventus.com