Juventus have issued two statements concerning the investigation, one on the potential financial implications amid the club’s plans for a capital increase, and another on the sporting aspects.
The Bianconeri are under investigation for false accounting, which could clearly have serious consequences on and off the pitch.
Their president Andrea Agnelli is among those investigated and the same is true of Pavel Nedved and former club director Fabio Paratici, now at Tottenham Hotspur.
Last week, Guardia di Finanza, the Italian Financial Police, arrived at Continassa, confiscating documents regarding transfers worth over €50m between 2019 and 2020.
The Turin Public Prosecutor’s Office opened a dossier after CONSOB and COVISOC investigations into the capital gains cases in Serie A.
Juventus confirmed that, on November 24, the FIGC Prosecutor asked the club to pass on their financial documents and the the ‘accounting documentation concerning rights to the sports services of certain footballers.’
The Serie A giants also confirmed that Cristiano Ronaldo’s transfer from Juventus to Manchester United is under scrutiny.
Official: investigators look into Cristiano Ronaldo’s Man United transfer from Juventus
Negotiations are ongoing, but Juventus explained all the possible scenarios in two different statements published on the club’s official website.
“The Company believes that the search and seizure order and the news of the existence of an investigation by the Public Prosecutor’s Office of the Court of Turin do not constitute, as of the date of this Supplement, a material adverse change whose occurrence would trigger the withdrawal rights of the Managers under the Underwriting Agreement in light of the initial stage of the investigations concerning the alleged offences, which are still being investigated by the competent authorities,” a statement read.
“However, as of the date of this Supplement, there is a risk that the Managers may deem the events described above (i.e., the search and seizure order and the investigation by the Public Prosecutor’s Office of the Court of Turin) to meet the conditions for the exercise of their withdrawal rights under the Underwriting Agreement.”
This means there is a risk to see some Juventus shareholders withdraw from the capital increase, a mere cash injection, which, in the worst case scenario, would worth €255m and not €400m.
“If no New Shares other than those covered by the EXOR Underwriting are subscribed following the Right Auction and the Managers were to exercise their withdrawing rights under the Underwriting Agreement, taking into account that the capital increase carried out in connection with the Offering is divisible and the EXOR Undertaking, the Company’s share capital would be increased by Euro 255 million only (of which Euro 75 million already paid by EXOR on account of a future capital increase on August 27, 2021) compared to the maximum amount of the Offering equal to Euro 400 million,” Juventus continue.
“If the Offering were to be only partially carried out, limited financial resources would flow to us. In such event, absent further actions promptly taken by the Company to support the implementation of the Updated and Confirmed Development Plan [Ed. i.e., the Company’s development plan for the 2019/20 – 2023/24 fiscal years], we may not be able to continue our business as a going concern.”
In a separate statement, Juventus highlight the possible consequences if the club and their representative are found guilty.
“If the outcome of the investigation is to be prosecuted and the ensuing proceedings are to result in a final conviction, there may be significant negative impacts on reputation and economic situation, Capital and financial position of the group.
“Regarding the allegation of false social communications provided for by art. 2622 cod. civ. disputed to the Issuer, the administrative pecuniary sanction from 400 to 600 units, with a unit value of between a minimum of €258 and a maximum of €1,549 for a total amount between €0.1m and € 0.9m.”
Regarding the sporting consequences, Juventus admit that in case a negative outcome of investigations, the club ‘can’t exclude the occurrence of even significant negative impacts on the reputation and financial position of the Issuer and the Group adding that ‘The system of national and UEFA licences provides for compliance with certain economic and financial parameters, as well as certain infrastructure and organisational requirements, the serious violation of which may result in the removal of Juventus from national and international competitions.’
This doesn’t mean that Juventus will automatically be excluded from competitions if found guilty, but it’s the worse case scenario that the club had to highlight also because they are listed in the stock exchange.
Better get that Superleague set up ASAP
Aside from this article which appears to refer to Juventus Football Clubs legal reporting obligations under company law, yawn yawn, isnt it wonderful that we have all these updates (or should I say LEAKS) on an investigation which is still being undertaken. Maybe after this is concluded we could have the Guardia di Finanza and the Public Prosecutors Office investigated?
They will get away with again. Juventus are world masters in the art of the steal. Ajax deserves a super league spot more as they have won the CL 4 times. Porto, they won it in the 21st Century. Lyon beat Juventus with a tiny budget. Juventus must prove themselves worthy of a future spot only based on sporting merit. Being runners up 5 times does not count. People never remember 2nd losers.
wingerboy, a superleague is about commercial clout. With your logic Man City would be undeserving. That aside, UEFA creams off too much from the Champions League and unrestricted players salaries means football is heading for a crash unless someone addresses it. I challenge you or anyone to defend what a ‘great job’ UEFA is doing.
Wow JuveWarrior, delusional aren’t you? these are statements from Juventus themselves, they’re very much aware how far they’ve been investigated. It takes a next level idiocy to construe a legal statement from Juventus as evidence that the prosecutors are leaking details of the investigation.
I suppose the lot of you are losing your minds for real now that the club have acknowledged that they might face harsh consequences because of their own doing. I wonder how many of you will even stay loyal if Juventus were made to declare bankruptcy and restart from Serie D.
They have a legal obligation to make these statements, they are not in any way an admission of liability or wrongdoing.
Leaks are in reference to the myriad of other articles in the Italian sports papers.
I started the above post with ‘Aside from this article…’, maybe the real delusional idiots are the people who only see what they want to see.
Empty threats! Like getting thrown out of the champions league 😂 never going to happen they won’t be thrown out the league! League is too weak to do it much like Uefa
@Vieri Try reading the last 2 lines Mr. Delusional.
Yawn. Italy is it’s own worst enemy when it comes to any future champions league success. This is football related practices that are being under attack. The headlines say Juve but their are multiple teams being “investigated.” Are you telling me Man City, PSG, Barca and Real aren’t doing the same practices? Also makes you wonder how much of this is payback for the superleague.
when will Roma and Liverpool be investigated for being owned by the same owner and Roma being poached by Liverpool when Sarah and Allison were given away for FREE
@JuveWarrior newspapers make sensationalist articles all the time, often on pure speculations or self analysis. To accuse the prosecutors are corrupt because newspapers make articles about the hottest current topic is delusion in the highest order. The same as those who fully believe that the government is full of other clubs’ fans.
The truth is you just don’t want to hear any of it and would rather have the media be silent and not cover this potential fraud at all. Isn’t it about time you admit that Juventus are run by a bunch of crooks? it’s not like this would be the first time. Juve is in this position by their own fault and because they think they’re above the law.
If Juventus is thrown out of serie A, the whole league will look like scarecrow in a rice plantation.
Yet again Vieri you see only what suits your narrative.
I haven’t used the word corrupt. I have however commented on leaks and suggested they might also be investigated.
There appears to be a difference between YOUR truth and THE truth but nothing that can’t be rectified with a bit of black and white therapy.
RUBENTUS BACK TO SERIES D WHERE IS BELONG. THANKS YOU AGNELLI, NEDVED, AND PARATICI FOR DESTROYING RUBENTUS AND FIRE MAROTTA
JuveWarrior you said the prosecutors and the Guardia di Finanza must be investigated. It was pretty clear what you were implying. Nevertheless it’s still ridiculous to suspect leaks just because newspapers made articles about the case. You can’t seriously expect the media to not say anything. They make transfer stories all the time even when there were none, of course they’re going to constantly cover this scandal. Just because they quote some financial and legal experts for their articles doesn’t mean the government offices are purposely leaking details of the investigation.
They should go and sit down just cos of super league UEFA .don’t have anything to say remember without Juve Seria A will turn to local league
We’ll be fine, Tom. The last two years of Serie A might as well have been without Juve and the competition is as riveting as ever. We still had tons of great matches and title race last season while Roma and Atalanta went far in Europe unlike Juve. This year we have a three-way between Inter, Milan, and Napoli while Juve embarrassed Italy by losing 4-0 with the most pathetic performance by an Italian team so far. Milan and Atalanta might still be on the brink but at least they’ve been dominating their opponents.
while they are doing this. the premier league and bundesliga and french league is slowly moving ahead of seriea. if these prosecutors want something to investigate. they should investigate why clubs have to go through so much red tape in order for them to build their own stadiums. that is why the serie a product is lagging and will continue to lag. you think the likes of psg and man city are doing everything saintly in their accounting. juve attempted to do something big for serie a. bringing a global icon to the league in ronaldo which increased revenue for the league. they should be celebrated not investigated. smh
I kinda agree with @Serie a lover. Juventus have done more for Serie A in the last decade than any other society in Serie A. they have reached finals in the UCL, they have built a modern stadium, they were attractive enough for the ‘biggest’ player on the planet to move to the league. It hasn’t worked out as they wished – that is possibly true. But they tried. they have over reached themselves and Covid really disrupted their financial plan. Yes, they should be investigated for impropriety – but let’s not pretend they are alone in this. Juventus – a Serie A team – want to compete with the ‘mega’ teams’ in Manchester, West London, Paris, Madrid and Munich, They don’t have the revenue – so they have (allegedly) been creative with their accounting.
@Vieri, if you think newspapers are not provided leaks or have insider knowledge on the articles they write then your need to be admitted. All good journalists have their sources for the stories the write, whether it by someone in the police force, government agencies or from a club.
Ignorant or wilfully ignorant. Either way Vieri I really do recommend therapy.
@Homer if that’s the case then you should be able to provide examples about these ”
incriminating leaks”. Even if they have sources, doesn’t mean that these sources are leaking the exact details of the investigation that would tamper with the upcoming trial. What JuveWarrior seems to have a problem with is the fact that there are tons of articles about this scandal but they never specified what is it about those leaks that’s worth investigating over. Does any one of you even know what you were accusing the prosecutors of that’s worth investigating? what about those so-callled “leaks” that’s proof that they are corrupt?
@JuveWarrior I’m not the one who’s coping with all these delusions about the government purposely trying to destroy Juve. The way I see it you Juve fans are the ones needing therapy right now because you can’t accept the fact that your club is run by mafias like Agnelli. Seriously, seek a therapist before you do something regrettable in case Juve does indeed get kicked out of Serie A and Europe.
With all respect to peoples and italian fans national feelings etcetera etcetera.
But if you ask me, as i said it befor – the best and the most intelligent thing one, the owners could do here, as the situation is as it si; is to sell the company and with it the Yuve team to the Amerikan E-commers company AMAZON.
Not less because AMAZON is allready working with JUVE and they have the muscles to helt the the company and team on their feets. That would realy be a win-win situaion for everyone involved, and not less to the Italian footboll.
That way the company would start with an economucally strong owner and with it the footboll team Juventusnew start both economically and morally with a new twig.
With best regards
Z.Y.
Sweden