Prisma investigation, Juve responds to the prosecutor’s office: “The latest irrelevant acts”

The Juventus board of directors approved the half-yearly report today and the statement sent to the shareholders also takes stock of the Prisma investigation by the Turin public prosecutor’s office. In particular, emphasis is placed on the latest developments. “On 27 February and 21 March 2023 – it reads -, the Public Prosecutor at the Court of Turin filed further investigative documents relating to the criminal proceedings involving Juventus. The company proceeded to analyze this documentation with the support of its legal and accounting consultants, also in order to verify the presence of documents suitable for determining, even potentially, accounting effects on the economic-equity and financial situation as at 31 December 2022 and/or on the comparative data of the previous period In the context of this documentation, some “reminders” or “memorandums”, dating back to the years 2018, 2019 and 2020, pertaining to possible transfer market operations with some other clubs were the object of specific attention”.

IRRELEVANT DOCUMENTS

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The Juventus board of directors has no fears regarding the new deeds and has certified it in the press release for the shareholders: “The consultants, as a result of their own analyzes of these documents, have ascertained their radical irrelevance and non-existence from a legal point of view, both for sporting and state regulations. Therefore, from an accounting point of view, the aforementioned documents do not represent ‘contracts’ within the meaning of the IFRS 15 accounting standard, since the aforementioned standard attributes accounting significance exclusively to those agreements that are suitable for generating enforceable rights and obligations between the parties (‘enforceable rights and obligations’).Consequently, the company has not deemed the conditions exist by virtue of which to modify, if necessary, the recognition and/or accrual of any revenues or costs that may be correlated to the assumed transactions in the documents in question. Documents referable to four transactions were identified which, if hypothetically valid and effective, would have been potentially suitable for determining accounting effects on the economic-equity and financial situation as at 31 December 2022 and/or on the comparative data of the previous period. Without prejudice to its assessment of the irrelevance and unsuitability of these documents to determine any legally significant and, therefore, accounting effect, in the explanatory notes to the Consolidated Half-Year Report, Juventus will voluntarily provide, with a view to maximum amplitude and transparency of disclosure, a representation of the potential accounting effects that these documents could theoretically have had on the economic, equity and financial situations of the first half of the current year and the previous year, where they were deemed likely to generate rights and obligations payable between the parties and therefore be classified as ‘ contracts’ in accordance with IFRS 15”.