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Andrea Agnelli, president of Juve, wrote a letter to all the shareholders of the Juventus club. From the financial situation to the goals on the field, here are the words of Juventus number one: “Dear Italian champions,
It is with great pride that I use this designation for you for the ninth time in a row. The football debate tends to quickly consume every news item, every game, every season, but it is important to note that such a long streak of success is unprecedented in the major European leagues (Serie A, Premier League, La Liga, Bundesliga and Ligue1). Juventus is writing a new record in football history, a record that can only be fully evaluated when the canons of history take precedence over those of the news. The goal of the tenth consecutive Scudetto is a peak to climb and not aas well as our desire to play to win all the competitions in which we participate, from the Italian Super Cup to the Champions League, from Serie A to the Italian Cup.
The document in your hands represents an opportunity to summarize the recently concluded 19-20 season: we will not forget it because of the unexpected and painful events that characterized it. Covid-19 has had a terrible impact around the world. Our industrial sector was, and continues to be, among those that have suffered the most from the impact of the crisis, from all points of view. If this season, one of the most difficult in the history of sport, has had its end, it is only thanks to the work and collaboration between all the actors, central and local governments, UEFA, ECA, Federations, Leagues and Clubs on the one hand , the sponsors and announcers on the other, who worked incessantly in the spring months to identify all the suitable solutions to complete the 2019/20 season and start the 2020/21 season. Last but not least, the players, called to a new preparation and to play in surreal conditions to restore hope and joy to those who make our sport the most beautiful sport in the world: the fans! Here I would like to thank our players who, together with the coaching staff, have shown a great sense of responsibility towards the company and the fans; I would like to thank all the women and men at Juventus, who have been able to adapt quickly to the new work environment; our partners, who shared with us strategies to tackle common challenges together. Furthermore, I would like to thank the national and international institutions, sports and non-sports, whose decisions have allowed the holding of all club competitions. My sincere thanks go to all of them.
The accounting deadlines, correctly, should not take into account disruptive elements such as the Covid-19 pandemic, drastic cuts (temporary or permanent) in some income items or the reduction of some costs, largely temporary.. They mark a temporary dividing line that delivers the 2019-2020 fiscal year to the archives. And the resulting photograph is a chiaroscuro of complex interpretation.
The last ten years have been marked by large investments, supported by all of our shareholders, starting with our reference shareholder, EXOR, which have generated extraordinary growth in income. They tripled from 172 million on 10/11 to 573 million euros on 19-20. In the same period, Juventus was able to regain centrality and relevance both on and off the pitch.
The economic equilibrium reached in the 2014-2017 period has slowed down its trajectory due to some specific items. Our financial position, due to the continuous investments to guarantee the sports competitiveness necessary to access the highest income streams, is instead an element of strong attention. Securing has been our priority since last spring and will be in the near future.
The commitment in recent years has been significant and has been able to guarantee growth results always in line with expectations. All revenue items posted double-digit percentage increases with the exception of one: television rights, for both Italian and European competitions. It is good to remember that these revenues are not treated directly by the clubs, but are authorized, by laws and regulations, collectively through the Serie A League and Uefa.
For some time, in this and other localities, we have reported the asymmetry of a system that poses a business risk to the clubs, which bear all the costs of the system, but assign a significant part of the control to other subjects and, therefore , of the generation. from income. This is not a criticism or a surprise, but a matter of reflection for the future: the system is built in this way to guarantee reciprocity mechanisms from the top of the football pyramid to the bottom. However, the signs of contraction and some inefficiency in management, already evident in recent years, are now in danger of becoming an obvious damage to those who want to contribute to the evolution of the entire football movement. and, at the same time, guarantee an adequate return on invested capital. The cardinal principle of the modern company is the control of resources for which burdens and risks are assumed. The separation of this balance is perceived as unnatural, forced. It is a governance issue, which the effects of the pandemic are putting to the test, threatening the very survival of the clubs, which face these risks, without having the tools that allow them to mitigate them.
Juventus intends to actively contribute to this reflection, in the awareness of its duty to make corrections to the Company’s development model, which must also adapt to the new reality of a sector that has suffered severe discontinuity., but with the determination to find a more efficient management method within the football sector and capable of facing the consumer market with formulas that are more appropriate to the scenario with which, from now on, football must enter into relationship. .
Football is changing with the arrival of a new generation of athletes and consumers. The world, which will find a solution to manage the pandemic, has already changed and is evolving. Juventus will be able to keep up.
Until the end…
Andrea Agnelli “.
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