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MILAN, Italy, Oct 15Juventus recorded losses of 89.7 million euros (Sh11.4bn) for the financial year to June 30, the Italian league champions announced on Thursday.

Club president Andrea Agnelli chaired the Ordinary Shareholders’ Meeting in Turin through video conference because of the coronavirus pandemic.

The nine-time reigning Serie A champions’ losses had been 39.9m euros the previous financial year.

“The Ordinary Shareholders’ Meeting approved the financial statements as of 30 June 2020, reporting a loss of 89.7 million euros (compared to a loss of 39.9 million euros in 2018/2019), which was covered by using the share premium reserve,” Juventus said in a statement.

The Turin giants also announced a new organisational structure with Federico Cherubini taking over as new football director.

Juventus’ “new organisational structure envisages the concentration of the club’s activities in two macro-structures: the Football Area and the Business Area”.

“Federico Cherubini assumes the role of Football Director, directly reporting to Fabio Paratici, who maintains the direct responsibility of the First Team,” the team added.

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