The Italian champion Juventus revealed on Thursday that the debts almost doubled during the past fiscal year that ended on June 30 and reached 309.8 million euros (USD 362 million), an increase compared to 162.5 million euros of the previous season. Despite lifting a seventh consecutive Serie A title, the club suffered as a result of its exit from the Champions League quarter-finals. After a profit of 42.6 million euros in 2016-2017, Juventus recorded a loss of 19.2 million euros for the 2017-2018 season. Revenues plummeted by more than 10 percent to 504.7 million euros.
Juventus net debt rose by 90.7 percent, as it increased by 147.3 million euros to 309.8 million, which was largely due to the transfer of disbursements of 119.5 million, as well as to the "Negative cash flow from operations".
It was also due to the decline in UEFA's bonuses, since Juventus had reached the Champions League final the previous year, and capital gains, with the summer of 2016 marked by the transfer of French midfielder Paul Pogba to Manchester United for 105 million euros.
The accounts only cover the period until June 30, and do not include a breakdown of transfers this summer when Juventus bought Cristiano Ronaldo from Real Madrid for 100 million euros.
The gloomy record of the Turin club contrasts with the record of participation of Juventus in the Milan Stock Exchange since the arrival of Ronaldo to the club valued at around 1,500 million euros.
Juventus predicts a defeat for the 2018-19 season, but estimates that it will be "strongly influenced by the performance of sporting results and, in particular, of the UEFA Champions League."
The president of Juventus, Andrea Agnelli, and the board of directors of the club approved the drafts of the financial statements of the year until June 30 to be presented at the shareholders' meeting in October.