The Board of Directors of Juventus Football Club announced on Monday it had approved the results for the first half (July-December 2010) of the 2010/2011 financial year. Here is a breakdown of those results and a few reasons behind the figures;

Revenue of €88.8m

A decrease of 29% compared to the first half of last year which is largely due to the club being in the Europa League as opposed to last seasons Champions League participation which led to lower revenues from UEFA, lower match receipts and a heavy decrease in revenue from the sale of media rights for Serie A following the new regulations on the centralised sale of television rights

Operating Costs of €100.1m

An increase of 16.8% compared to the corresponding period of the previous financial year, mainly due to a number of one-off incentive payments for players to leave the club (David Trezeguet and Mauro Camoranesi) and higher costs for the temporary acquisition of players’ registration rights. The sheer volume of players arriving means this figure is vastly inflated compared to a normal seasons transfer market operation.

Net Financial Position of -€56.8m

This compared to the positive balance of € 6.4 million at 30 June 2010 due mainly to the payments made over the six month period for the construction of the new Stadium;

The Board also announced that Michele Bergero - the Chief Financial Officer - was leaving the club, to be replaced as of April 1 2011 by Aldo Mazzia, who is already a company Director.