Markets turn on Juve as share price plummets over false accounting conviction

January 24 – Shares in Juventus tumbled around 10% on Monday after the club was docked 15 points for its transfer dealings.

Juve were cleared by an Italian FA (FIGC) tribunal last year but prosecutors had the case reopened on the basis of evidence from a separate criminal investigation carried out in Turin.

The 15-point penalty – even tougher than the nine-point deduction prosecutors had requested – comes 17 years after the infamous refereeing scandal that saw Juve demoted to Serie B and stripped of two Serie A titles.

In a wave of sanctions, former Juve president Andrea Agnelli, one of the principle architects of the doomed European Super League project, was banned for two years along with other Juve officials.

The 36-time Italian champions have plummeted to ninth in the Serie A standings but plan to appeal against the penalty to a higher sporting court.

“We believe we’re in a strong position and we’ll continue down this path,” new Juventus CEO Maurizio Scanavino said in a statement, adding that fans of other clubs were also opposed to the decision.

Juventus recorded losses of more than €550 million in the last three seasons. In a letter to shareholders in October, Agnelli said the loss of €254 million in the 2021/22 campaign alone was certainly the “gloomiest moment” from an “economic-financial point of view”.

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