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Juventus under investigation for potential Breaches by UEFA

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  • UEFA is investigating Juventus for possible Club Licensing and Financial Fair Play regulations violations
  • The decision came after the prosecutor’s office in Turin requested that former Juventus president Andrea Agnelli be indicted.

Prosecutors in Turin, where Juventus is based, have investigated the group’s accounting and financial market statements for the past three years.

They have investigated the values assigned to player transfers between clubs and whether, as previously stated, salaries were sacrificed or deferred during the COVID-19 pandemic.

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Juventus Logo.|PHOTO: beIN Sports|

 

The move came just hours after it was revealed that the Turin prosecutor’s office had requested indictments against former Juventus president Andrea Agnelli, ten other former board members, and the club itself in connection with allegations of financial mismanagement.

“The First Chamber of the CFCB (Club Financial Control Body) has today opened a formal investigation into Juventus for potential breaches of the Club Licensing and Financial Fair Play regulations,” UEFA said in a statement.

FFP Irregularities

“The investigation will centre on the alleged financial violations that were recently made public as a result of the proceedings led by the Italian Companies and Exchange Commission (CONSOB) and the public prosecutor in Turin,” according to the statement.

Juventus president Andrea Agnelli

Former Juventus president Andrea Agnelli.|PHOTO: Sky Sports|

Juventus’ board of directors, including president Andrea Agnelli and vice president Pavel Nedved, resigned last week after prosecutors and the Italian market regulator Consob investigated the club’s financial statements for alleged false accounting and market manipulation.

Sunil Gulati, the former president of the United States Soccer Federation, chairs the UEFA-appointed investigation unit. In August, it agreed with Juventus to avoid more severe sanctions for violations of financial monitoring rules that apply to all clubs that qualify for UEFA competitions. However, UEFA stated that it could be revoked.

The collective resignation came after prosecutors and the Italian market regulator Consob investigated Juventus’ financial statements in recent months for alleged false accounting and market manipulation. The company has denied all allegations of wrongdoing.

Furthermore, Juventus reported a £220 million annual loss last season, a record in the club’s history.

UEFA Statement

“If following the conclusion of this investigation, the club’s financial situation differed significantly from that assessed by the CFCB First Chamber at the time the settlement agreement was concluded, or if new and substantial facts arise or become known, the CFCB First Chamber reserves the right to terminate the settlement agreement, take any legal action it deems appropriate, and impose disciplinary measures,” UEFA stated.

On the other hand, Juventus maintains that “the accounting treatment adopted in the contested financial statements falls within those permitted by applicable accounting principles” and that this conclusion was reached “based on a solid set of opinions by leading legal and accounting professionals.”

“Juventus continues to believe that it has always acted correctly and intends to assert its reasons and defend its corporate, economic, and sporting interests in all forums,” the club said in a lengthy statement.

La Liga Influence

The Spanish league issued a statement on Tuesday demanding Juventus face “immediate sports sanctions,” noting that it had filed a complaint with UEFA in April for Financial Fair Play violations.

 

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