Juventus First-Quarter Loss Widens Even as New Stadium Boosts Ticket Sales
Juventus’s fiscal first-quarter loss widened as the Italian soccer team couldn’t make up for lower television-rights income with higher ticket revenue from a new 41,000-seat stadium.
The loss was 26.1 million euros ($35.9 million) for the three months ended Sept. 30, compared to a loss of 18.5 million euros a year earlier, the Turin-based club controlled by the Agnelli family’s Exor SpA (EXO) investment company said in a statement. Sales fell 31 percent to 33.7 million euros.
Juventus was among top-tier Italian teams to agree to a more equal revenue-sharing model for media rights in July. The club got 3.1 million euros more from the new stadium, which it inaugurated on Sept. 8 with a game against Notts County, the English team that sent a set of their black-and-white jerseys to the Italian club in 1903. Juventus, which still competes in the colors, also played the first two home league games this season at the arena in September.
The number of Juventus season-ticket holders rose by 61 percent to 24,137, lifting revenue from ticket sales by 183 percent, according to the statement.
After a record loss of 95.4 million euros for the year through June, the Agnellis in September agreed to pay down 72 million euros of team debt as an advance on a share sale to raise more capital. The sale of up to 120 million euros of new shares is scheduled before March 31.
Chairman Andrea Agnelli said Oct. 18 that Juventus’ seventh-place finishes the last two seasons had roiled the club’s finances and “flooded the engine.”
To contact the editor responsible for this story: Christopher Elser at at firstname.lastname@example.org