Juve reveal worst ever financial results
Published : 18 Oct 2011 12:35:40
Juventus have revealed their worst ever financial results having finished the 2010/11 season with a debt of more than 95 million euros.
Club president Andrea Agnelli spoke to the club's shareholders on Tuesday and asked them to approve not just the accounts but also a 120 million euro increase in capital.
Agnelli described the accounts as "intolerable" but said it was due to the 122 million euro investment in the new Juventus Stadium, the first ground in Italy to be privately owned by a club.
That is expected to increase Juve's earnings by 21 million euros a season.
However, the club is paying for their failure to reach the Champions League in the last two seasons, finishing seventh twice in a row.
"The accounts are the worst in Juve's history, accounts that take into account the virtuous investment in the stadium but also four years in which the club was unable to renew itself on the pitch, something that has flooded the motor," said Agnelli.
"These are intolerable accounts due to the losses but are the fruits of a desire to maintain Juve's competitiveness while awaiting victories."
Things have appeared to be heading in the right direction this season as Juve currently sit atop the Serie A table after six matches, although it is very tight throughout the standings.
Agnelli also revealed that emblematic club captain Alessandro Del Piero, 36, is playing his final season for the club.
Del Piero has set both appearance and goal-scoring records with Juve since joining the club in 1993.