Juventus’ 2024/25 accounts cover a season when they finished fourth in Serie A, thus qualifying for the Champions League, but only thanks to an away win against Venezia on the last day of the season, while they were eliminated by Empoli in the Coppa Italia quarter-finals.
They reached the knockout round in the Champions League, where they were defeated by PSV Eindhoven, having come 20th in the new league stage.
The club was also one of Italy’s two representatives in the expanded FIFA Club World Cup in America, where they were beaten by Real Madrid in the last 16.
League Position
Coming fourth was not too bad, but Juventus have struggled by their own lofty standards in the last five years, given that they had won the league no fewer than nine seasons in a row before that.
Even so, there was yet another change in head coach as Thiago Motta was “relieved of his position” towards the end of the season, replaced by former Juve player Igor Tudor.
Off The Pitch
There have also been some important changes off the pitch, as Damien Comolli was appointed General Manager, reporting to Chief Executive Officer, Maurizio Scanavino.
The French executive has plenty of experience in the football world, most recently as president of Toulouse, while also holding the role of sporting director at Fenerbahce, Liverpool, Saint-Etienne and Tottenham Hotspur.
In addition, Giorgio Chiellini returned to Juventus, not as an uncompromising centre-half this time, but as Director of Football Strategy, reporting to Comolli.
Profit/(Loss) 2024/25
Juventus’ pre-tax loss significantly reduced from €196m to €50m, as revenue rose €68m (18%) from €372m to €440m and profit from player sales almost quadrupled from €23m to €90m.
In addition, operating expenses fell €11m (2%) from €570m to €559m, while net interest payable was slightly lower at €20m.
The loss after tax improved from €199m to €58m.
The main driver for the revenue growth was a return to the Champions League and participation in the FIFA Club World Cup, which led to a big increase in broadcasting, up €77m (78%) from €100m to €177m. Ticket sales also benefited from playing in Europe, rising €7m (13%) from €58m to €65m.
In addition, player loans were up €9m (76%) from €11m to €20m.
On the other hand, commercial dropped €26m (13%) from €203m to €177m, mainly due to the lack of a shirt sponsor.
As a technical aside, this international definition of Juventus’ €440m revenue is different to the one used in the club accounts, which also includes a €90m gain on player sales, giving revenue of €530m. This was €135m (34%) higher than the prior year’s €395m.
Juventus said that they “continued to benefit from the positive effects arising from the structural cost rationalisation measures implemented over previous years”.
As a result, their wage bill dropped €19m (7%) from €264m to €245m, while player amortisation (including write-downs) fell €14m (10%) from €139m to €125m. However, this was largely offset by a sharp increase in other expenses, which rose €25m (19%) from €136m to €161m.
Although the substantial reduction in the pre-tax loss is obviously good news, the fact is that Juventus still lost €50m before tax, which is hardly small change.
