Juventus face £275m pandemic losses

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July 1, 2021
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    Maurizio Arrivabene will take over the football business section of JuventusMaurizio Arrivabene will take over the football business section of Juventus

    Juventus say they expect to lose €320m (£275m) because of the coronavirus pandemic.

    And the Italian giants are planning to raise €400m (£343.25m) in capital through a share sale to ease the financial pressure on them.

    Juve missed out on the Serie A title for the first time since 2012 last season.

    They are also still in dispute with Uefa over the collapsed European Super League project.

    Questions were already being raised over the sustainability of their business model following the club-record £99.2m arrival of Cristiano Ronaldo from Real Madrid in 2018.

    The stated aim was for the 36-year-old to help Juventus win the Champions League, but they have not gone beyond the quarter-finals since his arrival and exited at the last-16 stage in the past two seasons.

    Meanwhile, Juventus have confirmed Maurizio Arrivabene will assume management of the football business section of the club.

    It means Arrivabene, a former team principal at the Ferrari Formula 1 outfit, will assume some of the responsibilities previously held by Fabio Paratici, who left the club in May and recently joined Tottenham as their sporting director.

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