Board resigned to Agnelli
The European football union UEFA has launched a formal investigation into Italy’s record champions Juventus Turin. According to a statement, possible breaches of club licensing and financial fair play regulations are the reason for this. The investigations are carried out by the First Chamber of UEFA’s Club Financial Control Body (CFCB).
The background is investigations by the public prosecutor’s office in Turin and the Italian stock exchange supervisory authority against the association. On Monday evening, the Juventus board, headed by President Andrea Agnelli, resigned in response to the club’s financial difficulties and public prosecutor’s investigations into possible accounting fraud. In September, Juve reported a record loss of 254.4 million euros for the previous season. The Turin public prosecutor’s office is leading 16 suspects – including Agnelli, his deputy Pavel Nedved and managing director Maurizio Arrivabene – and accuses them of accounting fraud and share manipulation.
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The case is about fictitious player ratings. The record champions are accused of deliberately attributing false market values to some of their professionals – in 2018, 2019 and 2020 alone, the balance sheet is said to have been improved by 115 million euros. In response to the resignation of the Juve board, the Spanish LaLiga, which it says is “dedicated to promoting financially sustainable football in Europe”, has called for immediate sanctions against the Italian giants.
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The Italian Football Association had acquitted Juve and other clubs of these allegations – new findings from the public prosecutor’s office may result in the case being resumed. UEFA investigations would focus on these alleged violations. On August 23, the CFCB said it had reached a settlement agreement with Juventus. This settlement agreement was concluded on the basis of the financial information previously provided by the association for the financial years 2018 to 2022. If the UEFA investigations yield new findings that were not available to the first chamber at the time the settlement was reached, legal action and disciplinary measures could be taken, it said.
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