Juventus reports losses of $131 million for last season as financial struggles continue
Juventus reported losses of 123.7 million euros ($131 million) for last season on Friday, about half of the record loss of 239.3 million euros ($253 million) reported a year ago.
The Turin club’s finances are the focus of a legal case brought by Turin prosecutors over alleged false accounting. The inquiry led to Juventus being excluded by UEFA from the third-tier Europa Conference League for this season.
The club said its financial losses were "partly influenced by the negative effects on revenues and costs related to the outcomes of Italian and international sports proceedings."
Because of its precarious financial situation, Juventus signed only one new player before this season: United States winger Tim Weah from Lille for 10.3 million euros ($10.9 million), plus up to 2.1 million euros in bonuses.
This season’s budget will be hit by the lack of prize money with the team not participating in any European competitions.
Reporting by The Associated Press.
