Jeffrey Smith
Investing.com — Juventus (BIT:) shares plunged 12% on Monday after Italy’s football federation FIGC slashed 15 points for misreporting the club’s transfer deal.
The penalty was more than the nine points demanded by the country’s prosecutors, whose board resigned en masse in November following an investigation into the club’s historic transfer deal.
The FIGC also banned 10 former Juventus directors, including former chairman Andrea Agnelli, former CEO Maurizio Arrivabene (now a principal of the Ferrari F1 motor racing team) and former football director Fabio Paratici. hot spur. FIGC calls on UEFA and FIFA to apply these bans worldwide.
At the same time, the FIGC cleared eight other clubs investigated alongside Juventus, who came to complain that they were unfairly selected for the punishment.
In a statement, a lawyer representing Juventus said the FIGC’s actions “constitute a clear disparity in treatment of Juventus and its executives compared to other companies and members.”
The 15-point penalty will see Juve drop a significant number of places in the Serie A standings, making their qualification to the lucrative UEFA Champions League next season virtually impossible. The chances of qualifying through the race have increased, but this news did not give any boost. Lazio shares fell 1.5%.
This episode is the latest in the scandal-plagued history of Italy’s most successful football club, which in recent years has been overshadowed by Spanish and British rivals on the world stage. In 2006 they were relegated to the second division of the Italian league and stripped of two titles.
Agnelli, who has been suspended for two years, was one of the key players in a failed plan to form a separate European Super League in 2021.
By 05:10 ET (10:10 GMT), Juventus shares have recovered more than half of their initial losses, down 4.3% from Friday’s close. Lost 75% of its value in the last three years.
