UEFA start further investigation into Juventus finances for misleading, breaking rules

In a brief statement, UEFA indicated that it will investigate if Juventus had submitted misleading information in order to have the first case closed in August with a “settlement agreement.”
Thursday, the UEFA announced that it would launch its own probe into Juventus’ finances.

Italian media reported earlier in the day that Italian prosecutors have recommended that former chairman Andrea Agnelli and 12 other suspects be tried for false accounting and other offences.

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UEFA, the governing body of European football, subsequently issued a statement announcing that the investigative chamber of its Club Financial Control Body (CFCB) had launched a formal investigation into whether Juventus had misled them and violated the regulations.Information Guide Nigeria

UEFA has initiated an investigation into Juventus for the second time this year.

In a brief statement released on Thursday, FIFA indicated that it would investigate if the Turin club had submitted deceptive information in order to get the first issue resolved with a “settlement agreement” in August.

Agnelli, vice-president Pavel Nedved, and the rest of the Serie A club’s board resigned on Monday following accounting irregularities probes by the Italian government.

UEFA stated that its own “probe will focus on the alleged financial breaches recently made public by the Italian Companies and Exchange Commission (CONSOB) and the public prosecutor in Turin.”

In August, a group of teams, including Juventus, Paris Saint-Germain, and Inter Milan, agreed to pay a fine following an inquiry into Financial Fair Play violations.NYSC portal

The CFCB determined that the clubs did not meet the “break-even requirement” for the 2018-2022 fiscal years. Juventus agreed to pay the amount of €3.5 million.

Announcing the new investigation, UEFA said that if it found that “the club’s financial situation was significantly different from that…at the time the settlement agreement was concluded, or if new and substantial facts arise,” the CFCB “reserves the right to terminate the settlement agreement, take any legal step it may deem appropriate, and impose disciplinary measures.”JAMB portal

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Agnelli was one of the architects of the projected Super League, which was intended to compete with the UEFA Champions League.

Juventus was one of three holdouts, along with Barcelona and Real Madrid, that maintained the competition was financially vital after the majority of stated participants withdrew out in response to popular opposition.

Italian media had reported that prosecutors in Turin had formally requested that the case be sent to trial.

The focus of the CONSOB inquiry was whether Juve, a publicly traded company on the Italian stock exchange, provided investors with fraudulent accounting information while fabricating invoices for nonexistent transactions relating to the years 2019 to 2021.

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Salary cuts

At issue are capital gains from transactions involving players totaling more than 282 million euros ($296 million) that Juve recorded in its financial reports for those years.

In addition, prosecutors are probing how the club accounted for salary cuts taken by Juventus players during the 2020 coronavirus pandemic.

Juventus, which has also been listed as a defendant by prosecutors, stated in a statement on Wednesday that the claims in the investigation “do not appear to be supported by the evidence.”

It defended the manner in which it had accounted for the four-month salary reductions.

In 2010, following the calciopoli scandal, Agnelli was appointed club chairman. In 2006, Juventus was relegated for influencing the selection of referees.

He is a member of the influential family that has controlled the club for nearly a century. In addition, he serves on the boards of the automobile manufacturer Stellantis, which comprises Turin-based Fiat, and its holding firm Exor, which also owns Juventus. These businesses are managed by Agnelli’s cousin John Elkann.JAMB Result

AFP did not receive an instant response to its request for information from prosecutors in Turin.

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