MILAN: Italian champions Juventus saw profits fall by almost two-thirds over the last financial year as the impact of Zinedine Zidane's world record US$66 million transfer to Real Madrid slipped out of the accounts.

Juve posted a full-year net profit of 2.2 million euros (US$2.49 million), down from 6.1 million a year earlier when results were inflated by the transfer income from selling Zidane in 2001.

The club said in a statement on Tuesday that it booked earnings before interest, tax, depreciation and amortization (EBITDA) of 16.3 million euros in the year to June 30, from a core loss of 12.8 million euros the year before.

Juventus, Italy's most successful team after winning 27 domestic league titles, said revenues rose 22.9 per cent to 215.4 million euros, thanks to higher sponsorship fees, Champions League winnings and television rights.

The latter includes 74.9 million euros from a deal for new channel Sky Italia to broadcast the 2004-05 soccer season.

The Serie A club lost an all-Italian Champions League final 3-2 on penalties to AC Milan earlier this year after being eliminated following the second group stage the previous season.

Shares in Juventus, controlled by the Fiat-founding Agnelli family via its Ifil holding, were trading yesterday 1.22 per cent higher at 1.91 euros.

In another statement on its website, Juventus said it had named lawyer Franco Grande Stevens as the club's new president to replace Vittorio Chiusano, who died last month.

Juventus is one of the few Italian clubs to remain in the black as some of the most glamorous sides in European football face the consequences of chronic overspending on player wages.

Business daily Il Sole 24 Ore said on Tuesday that Italian clubs had a total of 500 million euros of debt at the end of June.

Juventus said its net financial position was positive to the tune of 69.2 million euros at the end of June, and said its debt-to-net assets ratio was "insignificant."

The Turin-based club said it had not used a new government decree that allows clubs to spread the cost of signings over 10 years instead of three, the so-called "Save Soccer" rule.

"By not benefiting from the positive impact that would have come from (the rule) we are avoiding postponing into the medium term costs that... our accounts are capable of absorbing in the short term," chief executive Antonio Giraudo said.

Tamoil turmoil

Replica versions of the shirts worn by Italian champions Juventus in the upcoming Champions League will not be available to fans of the Turin club due to the sponsorship of a Libyan oil company.

Juve's shirts for Europe's premier club competition and for the Italian Cup feature the logo of Libyan-owned company Tamoil.

American sportswear manufacturers Nike say they cannot produce replica shirts featuring the Tamoil logo due to US sanctions against the African country.

"Nike Inc. cannot produce, distribute or sell Juventus Football Club uniforms with the Tamoil logo on it, because Tamoil is listed as a prohibited entity in the sanctions regulations," said Charlie Brooks, spokesman for Nike in Europe.

The new Nike Juve kit for the domestic Serie A championship, featuring a return to traditional narrow stripes and white shorts, is available as it is sponsored by an Italian company called Fastweb.

Juve wore Tamoil sponsored shirts in last year's Champions League, in which they finished as losing finalists, but as those shirts were produced by Italian company Lotto, the sanctions did not have an impact.

Since 1986, US citizens and companies have had trade and commerce with Libya restricted by sanctions.

Al-Saadi Gaddafi, son of Libyan leader Muammar Gaddafi is a member of Juve's board and the Libyan company LAFICO has a 7.5 per cent share in the Turin club.

Agencies via Xinhua

(China Daily 08/14/2003 page8)