Juventus president Andrea Agnelli reflected Thursday on a "bittersweet season" for the Italian champions with losses of 89.7 million euros ($105 million) despite lifting a ninth consecutive Serie A trophy.
Agnelli told a shareholders' meeting in Turin that the losses compared to 39.9m euros the previous financial year.
"The balance of the 2019-2020 season is bittersweet, both on and off the pitch," Agnelli later told journalists.
"We have achieved great results, but also unexpected disappointments with two finals lost - Coppa Italia and Italian Super Cup - which still burn and the Champions League last-16 elimination."
Juventus extended their Serie A streak to nine titles but suffered more frustration in the Champions League, a title they last won in 1996, which cost coach Maurizio Sarri his job.
The coronavirus pandemic has hit all Italy's clubs hard with rivals AC Milan reporting losses of 195 million euros and AS Roma 200 million.
"After 20 years of continuous growth, for the first time the turnover of European football has fallen sharply," said Agnelli, who also heads the European Club Association (ECA).
"According to estimates, 360 European top flight clubs will need capital increases totalling around 6 billion within 12 to 24 months," he added.
Despite the losses, Agnelli said that Juventus's sponsorship revenues had increased by 20 million euros over the previous year.
Juventus also overtook luxury fashion brand Gucci on Instagram as the top Italian brand with 43.5 million followers, giving the club a huge audience to target, he said.
Agnelli also spoke of former coach Sarri's lack of chemistry with the squad before being replaced by club legend Andrea Pirlo after the Champions League exit to Lyon.
"Usually, an alchemy is formed in the locker room which makes it possible to overcome obstacles. That did not happen with him," said Agnelli.
"But I insisted that it was him who carried the trophy to the museum, he will forever be remembered as one of Juventus' winning coaches."
The Turin giants also announced an organisational restructuring into a "Football Area" and a "Business Area".
Federico Cherubini has been appointed Football Director, reporting to Fabio Paratici, who maintains the direct responsibility for the first team.