Hydde: I think you need to find such a text in English for those of us who have had some economic schooling to shed any lght on it.
The numbers you mention could refer to a number of things, and there are almost infinite variables to consider.
One thing that is certainly true however, is that TV revenues dropped this season compared to last year (just remember why the season was delayed and all the RAI business). Looking at the numbers you gave here- that drop in revenue could hypothetically account for this difference. As opposed to last year- Juventus has progressed further in CL however, and depending on our results against Barca there's ample time to recover what's apparently 'lost'.
What should be considered is that Juventus unlike any other team in Italy and unlike all bar 2 or 3 of our direct European competitors have actually been making profits over the last number of years. At the same time we have a very, very solid vault and net capital even remembering FIAT's problems. Juventus DOES have separate accounts from those of FIAT. IFI (the Agnelli family's holding company) owns the majority of the Juve shares, and as such Juventus stock value has an impact (although absolutely tiny, tiny tiny) on FIAT's value in the sense that IFI is among others a gurantee of FIAT's survival. Juventus shares are somewhat influenced by how FIAT is doing, but only (even if that's not unimportant) by the the expectancy of FIAT/IFI's willingness to fund Juve. Juve isn't bankrolled by Agnelli. It used to be.
As such- we have a very substantial turnover (dwarfed only by Man.U, Real Madrid and perhaps Bayern München I believe) and thus we can accomodate large scale transactions in the short term regardless. We also have the NIKE deal, which sets a new benchmark for Italian sponsor contracts, and we are set to profit long term from getting our new stadium.
Juventus like everyone else bar possibly Man.U suffers from the deflating TV market. The fact that Juve is better equipped to counter this problem is what will still make us one of the most powerfull players in the market. As majed said before- some teams among our direct rivals do not work under market conditions (like Milan, Inter, Real Madrid and Barca especially) hence we cannot and will not compete with them in transfer wars (well- Barca are pretty much through with that I think). I do think there's a dawning realisation that gross overspending can't continue even with these clubs, and the slightly puritan approach of Juve will be paying off when our diract rivals have to start facing the consequences.
Still- just because Juve is possibly taking a drop in revenues (still- not sure if that is how it is) it doesn't mean we won't have leverage to move in the market. These are tough times for everyody, and while Roma and Lazio and just the other day Chelsea are reporting HEAVY operating losses to mention a few, we're just not seing as much profit. The difference is substantial to say the least.