As Juventus prepare to return to the Santiago Bernabéu to face Real Madrid for the first time since 2018, the shadow of Cristiano Ronaldo’s blockbuster transfer still looms large — not just on the pitch but also in the club’s balance sheets and legal records.
The €100 million signing of Ronaldo in 2018, once hailed as a statement of ambition, continues to haunt the Italian giants financially. In their latest financial report, Juventus refer to him coldly as “the Former Player,” a detached accounting term that underscores the lingering cost of his time in Turin.
The club confirmed that arbitration between Juventus and Ronaldo remains unresolved, stemming from a salary dispute during the COVID-19 pandemic. Ronaldo is demanding nearly €20 million in unpaid wages, plus interest, despite Juventus having already paid half the amount in a prior settlement. The case has been adjourned, with a decision expected early next year.
This ongoing legal battle reflects how Juventus’ record signing has become an enduring financial burden. When Ronaldo joined from Real Madrid, he was expected to deliver Champions League glory and global commercial growth. He delivered goals — over 100 in three seasons — and maintained domestic dominance, but failed to bring the elusive European title back to Turin.
Ronaldo’s arrival was inspired by his breathtaking performance against Juventus in the 2018 Champions League quarter-final, when he scored a stunning bicycle kick that earned him a standing ovation from the Turin crowd. That moment planted the seed for his eventual move to Italy.
Juventus’ then-chairman Andrea Agnelli viewed Ronaldo as both a sporting and commercial catalyst — a symbol to push Juventus into the same financial league as Europe’s elite.
But unforeseen challenges soon followed. The pandemic drastically cut revenue, and the collapse of the proposed European Super League deepened the club’s financial woes. Paying a 33-year-old superstar a net €31 million salary — four times higher than any teammate — quickly became unsustainable.
What followed was a cascade of missteps. Juventus’ decade-long Serie A dominance ended, and the club entered a period of instability and investigation.
Financial irregularities during the pandemic years led to points deductions, fines, and bans for key executives, including Agnelli, Pavel Nedved, and Fabio Paratici. Though all denied wrongdoing, each accepted plea deals in Italy’s false accounting probe.
Since Agnelli’s resignation in 2022, Juventus have been rebuilding under the guidance of John Elkann’s new board. The focus has been on restoring credibility and stability, both financially and administratively.
The club rejoined the European Club Association and has attempted to move away from the high-risk financial strategies of the past.
However, challenges remain. Juventus’ most recent financial report showed a €58 million loss — an improvement from the previous year’s €123 million deficit, but still a worrying figure for a club of their stature.
UEFA is also investigating potential breaches of its financial sustainability regulations, with a verdict expected next spring.
On the sporting front, Juventus remain in transition. The club’s recent managerial changes — from Massimiliano Allegri’s return to the brief tenure of Thiago Motta — have yet to produce stability.
Costly transfers such as Dusan Vlahovic, Paul Pogba, and Teun Koopmeiners failed to deliver the expected resurgence, while promising young talents like Moise Kean and Matias Soulé have thrived elsewhere.
Now, as Juventus step onto the Bernabéu turf once more, they do so as a team still rebuilding from the aftershocks of a gamble that once promised to make them kings of Europe.
Meanwhile, Ronaldo — now playing for Saudi Arabia’s Al Nassr and recently named the world’s first billionaire footballer — will be thousands of miles away, representing his new club in India.
The Portuguese superstar’s influence lingers nonetheless, a symbol of Juventus’ ambition — and the heavy price of chasing football’s brightest stars.
