Juventus reported more financial losses, and it is now seeking new investment opportunities from baking partners.

As part of its Friday meeting, Juventus‘ board approved the club’s preliminary spending plan for the fiscal year. It established goals for the club’s ongoing financial health.

According to La Gazzetta dello Sport, the Bianconeri cut their losses by almost half. Projections originally put Juventus’ losses at $253 million for the 2021-22 season. However, the team has lost a total of $675 million over the last five years.

Without the UEFA Champions League this season, Juventus must raise an additional $212 million in cash. Additionally, the club’s stock price has fallen dramatically. Juventus is considering any fresh investment as a last resort to prevent the club from going bankrupt.

Loss of $636 million in past five years

The principal owners of Juventus, the Agnelli family, have been struggling financially for some years. Since turning a profit in the 2016-17 season, the Old Lady has lost around $636 million in the intervening five years.

The club urgently needs the additional funding provided by the new investment to issue further shares and reduce the growing net debt. As per ESPN, the Agnelli family is trying to reverse the club’s financial situation by enlisting the help of the bankers who sold their shares.

It is possible, however, that these bankers will not be able to recoup their losses as quickly as they formerly did. Unless the Agnelli family, owners of Juventus since 1923, sells, the Italian club will never turn a profit, Forbes adds.

Juventus hopes for investment to end never-ending problems

The financial difficulties of Juventus are a sobering reminder every club may encounter similar difficulties. Earlier this year, the Italians faced allegations that they inflated player fees and engaged in other forms of market manipulation.

Massimiliano Allegri’s players had 15 points taken off their total before the ruling was overturned awaiting a retrial. However, the Serie A giants’ on-field play has been affected by the off-field financial concerns.