Juventus balance sheet, relative red: today's figures and tomorrow's draw

UEFA's lost revenues a year ago push down the accounts, close to approval: the analysis

Juventus is preparing to approve a budget, the one at June 30 , 2024, which - according to estimates - should settle around 200 million in the red . The black and white club, yesterday, in fact, announced an update to its financial calendar: the accounts in question will be approved by the Board of Directors on September 27, instead of the 19th as initially planned, while the shareholders' meeting will be held on November 7.

The missing UEFA revenues

The numbers, at first glance, seem destined to set off alarm bells at Continassa, especially when compared to the more modest 123 million with which the previous budget was filed . But the final result alone does not tell much, if one does not proceed with a more detailed analysis of the individual items. Only in this way, in fact, can one come across the revenue line, which will mark the lowest figure in recent years, most likely below the 400 million threshold, something that has not happened for almost a decade. This is of course the long wave of sporting penalties, which the club had incurred just over a year ago: exclusion from every UEFA competition, twelve months earlier, had brought with it a loss of revenue of 80-100 million euros. Exactly what is missing from the budget close to approval to highlight what would be, on the contrary, a slightly improving trend in the company accounts.

Ingaggi ridotti e il Mondiale per Club

L’andamento positivo, in uscita dall’ultima estate, è in realtà destinato ad accelerare ulteriormente, perché l’effetto delle recenti operazioni di mercato ha portato a un abbassamento del monte ingaggi e degli ammortamenti, che riverbererà i propri effetti sul bilancio successivo. Quando torneranno a comparire gli introiti della Champions League, per di più nel nuovo formato allargato, oltre ai benefici della partecipazione all’inedito Mondiale per Club. L’orizzonte dei conti bianconeri disegna una skyline con maggiori entrate e minori uscite, insomma. Al punto che già nel 2025/2026 dovrebbe essere avvicinato l’obiettivo del pareggio di bilancio, che l’ultimo business plan della Juventus aveva fissato per il 2026/2027.

Competitiveness and sustainability

Such long-term forecasts, of course, can be subject to numerous variables. But the reversal of the trend, compared to the previous era, is concrete. And it forces Cristiano Giuntoli and Thiago  Motta, slipping from the desk to the field, in reality areas never so closely connected, to follow the path of competitiveness that winks at sustainability. The two sides of the same coin, precisely, because more successes on the field are destined to activate the virtuous circle of greater revenues and, why not, the growing possibility of realizing rich capital gains on the market. The black and white machine, in this sense, seems to have started according to good premises. Even if now it is time to approve a budget close to the round figure of -200 : a final point from which to start again and never return.