Juve financial loss grows to €95m amid Euro ban

Juventus said on Friday their net loss widened to €95.1 million ($102m) in the first half of its 2023-24 fiscal year as their ban from lucrative European competition this season over financial irregularities weighed on the Italian club's revenue.

The result compares with a loss of €29.5m in the same period of the previous fiscal year.

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Revenue fell almost 26% to €173.3m between July and December last year, Juventus said in a statement.

To shore up their cash-strapped finances, the Serie A club have announced a €200m capital increase, which is expected to be launched by the end of April.

Exor, the investment arm for the Agnelli family, which has been controlling the Turin-based club for over a century, already covered the proportion of the cash call matching its 64% stake and will also act as a guarantor for the remaining part.

Juventus were hit by an accounting scandal linked to player trading and salary payments in late 2022, the consequences of which included a ban from this season's European competitions.

Juventus reiterated on Friday they forecast another loss in the current full fiscal year after they reported a consolidated loss of €124m to June 30, 2023, bringing their cumulated losses to over €700m in six years.

The club last posted a net profit in 2016-2017.

Information from Reuters contributed to this report.