Tuesday October 18 2011
Juve will keep spending

Juventus have promised to continue spending money on new players despite revealing significant financial losses.

"The drop in figures will not affect the club's investment on the squad," President Andrea Agnelli said at a shareholders meeting in Turin.

"Within the context of our five-year plan, we have identified the need to invest in players and, as long as we can meet a series of objectives contained in the plan, the fall in this year's balance sheet will not affect investment in players."

Juve finished the 2010-11 campaign with a debt of close to €100m – the biggest in the outfit's glorious history.

"Today we've gathered together to approve the balance sheet for 2010-11, the worst in Juve's history due to two main factors," Agnelli noted.

"On one hand, the virtuous investments, such as that in the stadium which was completed between 2008-2011.

"On the other hand four years which saw the complete renewal of the sporting part of the club, which 'flooded our engine'.

"These are intolerable accounts due to the losses, but which come as a result of wanting to maintain a competitive Juventus capable of winning, as the club's done throughout history."

Juventus are paying the price for finishing the last two seasons in seventh and thus missing out on the Champions League.

However, the Juventus Stadium, which cost €120m to redevelop, could generate close to €25m a year in extra revenue.

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