Juventus’ accounts for 2017-18 are expected to show a loss of close to €20m

Juventus’ accounts for 2017-18 are expected to show a loss of close to €20m, largely due to a decrease in Champions League revenue.

The Bianconeri release both half-year and full-year accounts, with the latter corresponding to the football season.

The first half of 2017-18 closed with a profit of €43.3m, but that was a decrease of €28.7m from the same period the previous year.

Now Exor, Juve’s holding company, has released financial statements for the full year, which show an operating loss of €62.2m.

Football clubs tend to lose money in this period, as season ticket sales and other revenues are booked at the start of the season.

In addition, being knocked out of the Champions League at the quarter-final stage, compared to reaching the final in 2017-18, meant a decrease in revenue of around €35m.

The redemption obligations on certain players, including Douglas Costa, cost €47.1m.

With turnover down from €550m to around €505m, the accounts will show a loss for the year of €18.9m.

Exor also expects a loss for 2018-19 due to money invested on the transfer market – principally the signing of Cristiano Ronaldo.

That’s not certain however, as much will depend on the Champions League, which provides more revenue under the new model this season.

In addition, the club has increased in value since Ronaldo’s signing, which could yield new sponsorship opportunities and an increase in shirt sales.

The Old Lady’s deal with Adidas provides for “additional royalty payments upon exceeding a threshold of sales”.

Over 500,000 Ronaldo shirts were sold within 24 hours of his signing, and while the bulk of that money will go to Adidas, the club will get a cut if the sales threshold is beaten.