Serie A team Juventus reported a record 254 million (about $246.2 million) euro loss for the financial year that ended on June 30 after failing to win any titles in the 2021-22 season.

The last time Juventus had such a fruitless season was in the 2010-11 campaign when they ranked seventh in Serie A, were stopped in the Coppa Italia quarterfinals and were knocked out of the UEFA Champions League in the group stage.

Juventus have been in red for five straight years and their 2021-22 deficit is 44.4 million euros (about $43 million) bigger than that of 2020-21. The club said on Friday that they expect to continue losing money in the 2022-23 financial year due to COVID-19.

According to the club's report, their revenue from season tickets in the 2022-23 season was 22.9 million euros (about $22.2 million), lower than the numbers before COVID-19 hit. Part of the reasons for that was Juventus's decision to leave more single tickets available for "Championship matches" and offer more discounts as compensation for previous closed games because of the pandemic.

Moreover, Juventus said they made less money from TV rights and media revenues after they were eliminated early from the Champions League. The Italian club lost to Villarreal 4-1 in two legs in the Round of 16 competition. Juventus' operations cost also rose by 7.6 percent in the 2021-22 financial year.

Juventus had a tough start in the 2022-23 season. They are eighth on the standings table after seven games and lost to newly-promoted Monza 1-0 on the road on September 18. In the Champions League, Juventus lost the first two games, 2-1 to Paris Saint-Germain and 2-1 to Benfica, in Group H.