Juventus burn through almost €1bn since CR7: €900m lost in six years

Juventus have recorded close to €1bn in losses since the 2011–12 season. A figure that ballooned after Covid, but one that had already started to spiral following the arrival of Cristiano Ronaldo. After three profitable years – peaking at €42.6m in 2016–17 – the first CR7 season (2018–19) produced a €40m loss, followed by €71.4m during the pandemic.

What came next was a staggering run of red ink: €210m, €238m, €123m, €199m, before the most recent – and relatively “acceptable” – €58.1m loss, which has at least nudged the club back towards a (barely) sustainable path. It is why Damien Comolli has been forced to preach restraint and underline that “every euro counts”, after years in which repeated capital injections were needed to stem the bleeding.

Why isn’t Juventus’ transfer market blocked?
Because the so-called “expanded labour cost ratio” only considers the most recent balance sheet – one boosted by Champions League revenues and the Club World Cup. Under strict financial fair play criteria, however, Juventus are well outside every parameter.

In the end, as so often in modern football, the taxpayer foots part of the bill – not just for Juve, but for the elite clubs more broadly. Still, it is striking that over the past six years Juventus have racked up a devastating €900m loss, while winning just two Coppa Italia since Maurizio Sarri’s departure.

It would be interesting to know what Exor make of it all, beyond John Elkann’s public assurances. The chairman has already stated the club is not for sale, despite increasingly persistent rumours to the contrary.

The figures

2011–12: –€48.6m
2012–13: –€15.9m
2013–14: –€6.7m
2014–15: +€2.3m
2015–16: +€4m
2016–17: +€42.6m
2017–18: –€19m
2018–19: –€40m
2019–20: –€71.4m
2020–21: –€210m
2021–22: –€238m
2022–23: –€123.7m
2023–24: –€199.2m
2024–25: –€58.1m

Total: –€981.7m