Football and business

Juventus, with the return to Europe revenues at 529 million and red reduced to 58

The general meeting of the Juventus club approves the balance sheet for the 2024/25 season with losses reduced to 58 million. John Elkann confirms family commitment

by Marco Bellinazzo

7 November 2025

Tifosi della Juventus durante la partita di calcio di Uefa Champions League, tra Juventus e Sporting CP all'Allianz Stadium di Torino,

4' min read

Translated by AI

Versione italiana

4' min read

Translated by AI

Versione italiana

The Juventus assembly approved, on 7 November, the balance sheet as at 30 June 2025, which certified a net loss of 58.1 million, a clear improvement compared to the red of 199.2 million recorded in the 2023/24 season, marked by exclusion from the European Cups and various extraordinary charges. A result that, while still negative, is a sign of a partial reversal of the trend, but which confirms the need to keep the rudder straight on careful cost management.

The revenue perimeter

The Juventus club's turnover reached 529.6 million, up 34% from the 394.5 million of the previous year. The revenues were driven by television rights, which rose to 177.4 million thanks to the participation in the Champions League (67.5 million), the World Club Championship (27 million) and the Serie A (81.2 million). Stadium revenues also increased, from 57.7 to 65.4 million, while commercial revenues dropped to 115.9 million, due to the late renewal of sponsorship agreements with Jeep and Visit Detroit.

The contribution of capital gains from the football market was significant, amounting to 89.7 million out of a total of 109.7 million in revenues from player management. Among the main transactions, the disposals of Soulé (22.3 million), Hujsen (13.7), Fagioli (13.2), Iling-Junior (12.3) and Rovella (9.3) stand out. In addition, there were 6.9 million from bonuses and sell-on fees and 7.1 million from insurance compensation for injuries.

The cost factor

On the cost side, the club contained its expenses to 559.6 million, down from 569.9 million the previous year. The most significant item is still personnel, which amounted to 244 million (of which 220 million for club members), down from 264 million in 2023/24. Amortisation and depreciation decreased to 153.9 million, with 124.9 million related to players. Among the write-downs, the one for Danilo weighed heavily due to the consensual termination and the adjustment of the value of Douglas Luiz (4.5 million).

Expenses from the management of players' rights increased to EUR 43.7 million, with EUR 20.5 million of non-capitalised additional expenses and EUR 16.2 million for loans, including Conceicao (6.9), Renato Veiga (3.8) and Kalulu (2.8). The pre-tax result was negative by about EUR 50 million, with financial expenses of EUR 26.6 million.

Consolidated shareholders' equity stood at EUR 13.2 million, down from EUR 40.2 million in the previous year, but supported by the EUR 30 million paid in by Exor as an advance on the approved capital increase of up to EUR 110 million.

On the liabilities side, total payables increased to 762.1 million (638.6 in 2024), with 244 million from factoring and 224.4 from other football clubs, against receivables of 105.1 million. Net financial debt rose to -280.2 million, compared to -242.8 million the previous year.

Revised downward estimates

The 2025 budget represents a step towards the break-even target set out in the three-year strategic plan. However, the Board of Directors revised downwards the estimates for 2025/26 and 2026/27, in view of the challenges related to the Financial Fair Play of Uefa, which has initiated an audit for a possible violation in the three-year period 2022-2025 of the allowed loss limits (EUR 60 million). The outcome of the audit is expected in spring 2026 and could result in minor financial penalties or sporting restrictions, such as limits on the registration of new players. On the other hand, the Juventus club has complied with the squad cost rule, i.e. the obligation to keep the ratio of turnover to cost of the squad (wages, amortisation of players' registration rights and fees for intermediaries) below 70% in the calendar year 2024 and plans to comply with it in 2025 as well.

Financial Fair Play

The exact terms of the issue were explained during the assembly by the cfo of Juventus, Stefano Cerrato: "No proceedings are underway, a document acquisition by Uefa has begun, we have respected the squad cost ratio parameter for the 2024 financial year, - We expect on the basis of the information available to date to be able to respect it substantially also for the 2025 financial year. There is another parameter, that of the football earning rule, the one on which Uefa has started to make requests for in-depth studies. The possible acquisition process of determining compliance with this parameter will, however, be completed during the spring of 2026, as we have communicated this could give rise to economic sanctions, but we foresee them in the case modest. As far as possible sporting sanctions in these cases are concerned, they are limited to restrictions on the registration of new players in the lists of UEFA competitions, but this is something that is totally in progress, it is not an open procedure but an acquisition of documents aimed at verifying whether there will be any overruns.

Members

John Elkann, CEO of parent company Exor, told Reuters news agency: 'We remain fully committed to Juventus and are proud to have been its controlling shareholder for over a century. We are, and always have been, open to constructive ideas from all stakeholders who share our ambition and passion for the club."

El Salvador-based cryptocurrency company Tether, which has acquired a significant stake in the club (11.5%), made it known that it had proposed Francesco Garino and Zachary Lyons for the board of directors, asking for access to two seats, instead of the only one planned, which then went to the former.