TURIN, Italy (AP) — Juventus posted a record loss of 254.3 million euros ($246 million) in the 2021-2022 financial year, according to figures released Friday during its board meeting, adding to the club’s recent losing streak on the pitch.
For the fifth consecutive year, Juve registered red numbers that now exceed 44.4 million euros (43 million dollars) those of the 2020-2021 financial year.
The Italian team attributed the increase in its losses mainly to a decrease in television and media rights income due to its lower number of games played in the Champions League.
The Turin squad succumbed to Villarreal in the first automatic knockout stage of last season’s Champions League.
The Bioanconeri also lost their first two Champions League games this season – against Paris-Saint Germain and Benfica – and have only won two of seven Serie A meetings.
Last weekend, Juventus lost to newly promoted Monza and the setback has cast doubt on the continuity of coach Massimiliano Allegri.