Juventus have put a number on the cost of life outside the Champions League, and the message from Continassa is plain: the club’s financial recovery depends on restoring its place among Europe’s leading sides.
The decision
The board has approved Juventus’ 2025-26 accounts, recording a €66 million loss, while revising the projections in its strategic plan. The outlook for 2026-27 has worsened principally because the club did not qualify for the Champions League, leaving another loss expected in that financial year.
Europa League participation cannot provide the same return. Juventus estimate that missing the Champions League will reduce revenue by between €50 million and €70 million. For a club attempting to rebuild both its sporting standing and its balance sheet, that gap gives the next league objective an unusual clarity: Champions League qualification is not merely an ambition but the minimum requirement.
There has nevertheless been progress in controlling expenditure. Operating costs fell by €42.1 million compared with the preceding year, including a €10.5 million reduction in wages. The board expects results to improve gradually over the 2027-28 and 2028-29 seasons, but that forecast rests on Juventus returning to sporting outcomes closer to their historical standard.
Exor has again underlined its commitment to the club. The majority shareholder has paid €60 million immediately as an advance on a planned €250 million capital increase, which will be presented to shareholders on 3 November. John Elkann’s backing comes at a time when Juventus have gone six years without the Scudetto and have experienced repeated changes of coaches and senior executives.
The responsibility now turns to Luciano Spalletti and his players. Elkann handed Spalletti the team last October, during another difficult phase, and the coach’s task is to ensure that the previous season’s disappointing finish does not become a lasting condition.
Juventus face a demanding run after the extended international break, with nine matches in 29 days across Serie A and the Europa League. Cagliari, Fiorentina, Celta Vigo, Lazio, Rennes, Lecce, Genoa, Napoli and AZ Alkmaar are all on the schedule before the November break. Injuries remain a concern, but the club’s direction has already been set: the route back to financial stability runs through the Champions League.
