UDINE. In the storm of the economic crisis that is gripping world football due to Covid, the good news, in addition to the arrival of vaccines that will “turn the merry-go-round” of stadium receipts, is the one most dear to the Friulians: the Udinese vessel seems sailing in calm seas, with good prospects for the medium term, also thanks to some managerial choices “daughters” of the emergency and the newfound results of the first team.
This is what the Juventus spa’s income statement for the 2019/2020 season, therefore until last June 30th, and some financial, fiscal and, above all, transfer market transactions conducted after that date say.
Will it be true glory? The test will be in the summer market session when Gino Pozzo, unless unlikely conversions on the road to Bergamo (see the Atalanta dei Percassi project), that is, holding back the big names, with the sixty million collected from the sales of Rodrigo De Paul and Juan Musso (million plus million less) will have to reinforce a team which, however, thanks to the work of Mr. Gotti, already has a well-defined framework.
Accounts in red
But let’s go in order and start with the painful notes: the budget in red. Ten million in liabilities, against the million in profit of 2019. The reason is obvious: the value of production, the turnover, fell to 67 million from 113 the previous year. In particular, the TV rights fell from 40 to 30 million – but only because the last tranche of Sky in a championship extended for Covid for 10 games until the beginning of August had not arrived at 30 June – the revenues from the races dropped from 6, 6 million to 5.4 million because the season tickets were collected, but the stadiums were closed halfway through the championship and, above all, the capital gains from the sale of players fell from 49 million in 2019 to “only” 16 million.
Here it is, therefore, the de facto liabilities, however, already cleared in the course of work thanks to the market operations concluded at the beginning of October due to crazy calendars due to the pandemic.
The storm covid
Yes, much of the latest Juventus budget is conditioned by Covid and at least the next one will be too. In the bad, but, we will see, also in the good. The closure of the stadiums at the end, due to lack of receipts from last season and the absence of season ticket and box office campaign for the current one, caused a loss of around 8 million (a lower figure) to which must be added the lost income from the Club company. House different from the Juventus spa, but in the same holding. And the players’ market was also affected by the pandemic: little money around, no profitable sales.
The directors write in the financial statements explaining the non-sales in the “uncertainty of the period and the impossibility of capitalizing on profitable sales which therefore have been postponed to more favorable periods”. Any reference to De Paul is not causal. But the club’s philosophy, right in the income statement, is clearly explained. There are three hinges. Take it or leave it: «Maintenance and development of turnover and reduction of competitive risk; management of players’ assets; control of management costs “.
In short, more revenues thanks to the stadium (9%), TV rights (45%) to easily maintain Serie A, capital gains from players to feed the company and control of operating costs, with forty million basic TV rights. solid to pay for the depreciation of the players, but not the stadium, which has already been paid 95% in 7 years thanks to decreasing depreciation.
The “August” decree
The novelty, also disruptive in a future key, is represented precisely by a measure desired by the Conte government in full pandemic to help businesses: decree 104/2020, commonly known as the “August decree” on the revaluation of business assets. A boon for Udinese which, thanks to independent appraisals, has revalued the value of the brand from 4.8 to 67.8 million euros, of the stadium from 6.7 to 56 million, providing that, with the end of the works in the “commercial” spaces the structure can make twenty million a year, and, above all, of the players’ pool, whose value has jumped from 16 to 143 million. The total sum is staggering: 284.8 million instead of 41.9.
A figure on which Udinese, as stated in the balance sheet, will pay the 3% tax on the higher declared value. Then from 2024, with the new values minus the depreciation in the meantime, any capital gains will be calculated in the event of a sale.
But, beware: from the year 2024, thanks to the law, with this move the Pozzo family could even sell the company with a not insignificant tax advantage.
The English variant
The solidity of Udinese Calcio, in short, is not in question, because after 30 June, for example, from Fofana at Lens to Lasagna at Verona in January, passing through Barak always at Hellas, Mandragora at Juve or Opoku at Amiens, capital gains of approximately 38 million were recorded. But Gino Pozzo also bought. Indeed, he bought two players from his Watford, first Pereyra in late September and then Deulofeu in late January. Perhaps the discount will have been made, even if, with the Watford fans unhappy with the relegation, he will not have been able to lower the price too much.
The figures of the transactions have not been disclosed by the clubs, according to the Transfermarkt site, the market bible, the current value of the two is 10 and 12 million euros. There have been many, as it has never been seen before, the business between Udine and London. Sema, returned to England after the loan or Trost Ekong overseas outright; or, in February 2020, the sale of Pussetto from Udine to Watford with a capital gain declared in Udinese’s balance sheet of 3.5 million. Now Pussetto, back here on loan, how much will it be bought back from Gino Pozzo to Gino Pozzo? Five million is the current market value of the good Ignacio, now injured, according to Transfermarkt.
All business “facilitated” by the relegation to the Championship of Watford for the inability to play certain talents in the English B. And if the “hornets”, now second in the standings, return to the rich Premier? The precedent is thrilling for the Juventus fans: since April 2015, the month of the promotion of the “cousins” and the peaceful salvation of Stramaccioni in Udine, troubled years have begun for Zebretta. Ai Pozzo show that it was just a coincidence.
The summer of truth
And here he enters the scene, Gino Pozzo, the man who moves the threads of Udinese from London. We have told you, analyzing the accounts, of a solid company, with a stadium owned, TV rights guaranteed for the future, and which will increase thanks to the entry of funds so much advocated by the “family” of the Friulian ball in the club of the Football League. who will manage the rights. True, the next budget will still have to do without the stadium revenues (closed for the whole season), but with the 38 million “additional” capital gains between late summer, autumn and winter, the purchases of Pereyra and Deulofeu would still have been covered even if Gino Pozzo English had not made discounts to Udinese. Now, with the inevitable sales – the Juventus club to stay in the football that counts cannot ignore this, it must be said – of De Paul and Musso, the club will collect at least 60 million and the most intriguing challenge for the fans, but we also believe for the same Juventus owner, who has always gone to a wedding in the market arena, will be the one to strengthen a team that is finally giving again the impression of following “a project”. With that money, a “Udinese” cycle can be opened. We’ll see. Meanwhile, with the Covid cataclysm and football from all over the world on the bill, starting from these premises is already a great thing.
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