The Juventus board of directors have approved the budget for the 2022-23 season with losses of €123.7m, and are preparing to inject a capital increase of a reported €200m.
The Juve board met on Friday to approve the draft budget for the season that ended on June 30, 2023, while also setting out the guidelines to continue improving the club’s financial situation.
The final approval of the budget will be officially signed off on at the club’s next shareholder meeting on November 23.
La Gazzetta dello Sport points out that Juventus have almost halved their losses compared to the 2021-22 season, which were calculated at a value of €239m. The club have now, however, posted collective losses of €722m over the last five years.
However, without the financial boost of playing in the Champions League this season, Juventus require another capital increase, which comes at a value of €200m.
This will be the third time since 2019 that the shareholders have had to inject more cash, with figures of €300m and €400m reported in some of the more recent seasons.
Club President Gianluca Ferrero and CEO Maurizio Scanavino are, meanwhile, said to be carrying out a rigorous plan to rebalance the club’s accounts.
Operating costs were reduced last season according to La Gazzetta, and with the departures of some high earners this summer, including the likes of Leonardo Bonucci, Angel Di Maria and Juan Cuadrado, it is expected that the same will happen again this year.