Juventus Didn’t Just Lose Ronaldo. It Took a $17 Million Hit Too
(Bloomberg) -- Soccer team Juventus Football Club SpA is set to pocket about 15 million euros after it agreed last week to transfer five-time Ballon d’Or winner Cristiano Ronaldo to the U.K.’s Manchester United.
But the Italian team owned by the billionaire Agnelli family had paid about 100 million euros for Ronaldo just three years ago.
That means the deal generated a negative economic impact of approximately 14 million euros ($16.6 million) on the company’s 2020-2021 financial year, due to the partial write-down of the net book value of the player’s registration rights, Juventus said in a statement Tuesday.
Though the Turin-based team twice captured Italy’s Serie A title, it failed to win a European Championship tournament during the Ronaldo era, which was the main rationale for poaching the Portuguese star from Real Madrid in the first place.
Juve’s share price has fallen about 6% since January giving the company a market value of about 1 billion euros.
The Ronaldo sale, which Manchester United has the right to pay for over five years, could generate an additional 8 million euros for Juventus based on the player’s performance, the team said.
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