Struggling Juventus reports record financial loss

Juventus players walk off the pitch after the Serie A soccer match between Monza and Juventus, in Monza, Italy, Sunday, Sept. 18, 2022. Monza won 1-0. (Claudio Grassi/LaPresse via AP)

Juventus reported a record loss of 254.3 million euros ($246 million) for the 2021-22 financial year at a board of directors meeting on Friday - adding to its recent struggles on the field.

It's the fifth consecutive year Juventus has reported a loss, and it's 44.4 million euros ($43 million) more than in 2020-21.

Juventus said the increase in losses was mainly due to decreased income from TV rights and media revenues due to fewer Champions League matches.

Juventus was eliminated by Villarreal in the first knockout round of last season's Champions League.

The Bianconeri have also lost their opening two matches of this season's Champions League - to Paris Saint-Germain and Benfica - and have won just two of seven Serie A games.

Last weekend, Juventus lost at promoted Monza - raising questions about the status of coach Massimiliano Allegri.