TURIN, Italy (AP) — Juventus' revenues increased by more than 100 million euros in Cristiano Ronaldo's first season with the club but losses doubled due in part to the five-time Ballon d'Or winner's hefty transfer fee of 100 million euros and a salary of 31 million euros ($34 million).
The publicly traded club released financial statements Friday and proposed a capital increase of 300 million euros to cover costs through 2023-24.
Revenues rose from 504 to 621 million euros, while losses increased from 19 to 40 million euros during a season in which Juventus was knocked out of the Champions League in the quarterfinals.
Juventus would have earned 30 million euros more from UEFA if it had reached the Champions League final.
Ticket sales rose by nearly 15 million euros last season while player and coaching staff wages increased by 68 million euros to 301 million euros.
There was also a boom in merchandise sales.
Ronaldo transferred from Real Madrid to Juventus in July 2018.
The statement also included details on Adidas' sponsorship of the team. The contract was modified in December to an eight-year deal through 2026-27 for a total of 408 million euros plus bonuses.