Juventus disagree with financial auditor but admit risk of exclusion from competitions

epa06686245 Juventus' chairman Andrea Agnelli (L) and Fiat Chrysler Chairman John Elkann (R) attend the Italian Serie A soccer match between Juventus FC and SSC Napoli in Turin, Italy, 22 April 2018. EPA-EFE/ALESSANDRO DI MARCO

Juventus disagree with Deloitte’s financial review and confirm their cooperation with authorities in an investigation involving the club but can’t assure they will be able to meet FIGC and UEFA requirements in the future.

The Bianconeri released a revised consolidated financial statement last week, reviewed by Deloitte. The independent audits highlighted their concerns regarding the ‘salary manoeuvres’ made by the club in the last two years.

“Except the effects of what is described in the paragraph’ Operations on the remuneration of members of staff for the 2019-20 and 2020-2021 sports seasons’ and the elements underlying the findings of this report and the possible effects of the ‘Relations with other football clubs’ section, the consolidated financial statements provide a true and fair representation of the financial position,” said Deloitte on Monday.

Juventus replied with a new statement saying that “the audit firm’s findings are based on interpretations and applications of accounting rules, judgments and assessments that Juventus do not share, also taking into account the further legal and accounting investigations carried out by the club based on opinions issued by independent experts.”

The Bianconeri confirmed that they would continue to collaborate with all the investigations.

The club’s board of directors, including President Andrea Agnelli, resigned last week, and 11 directors at the club have been recommended for trial for alleged false accounting and false communication to the market, among other things.

As highlighted by Repubblica, Juventus confirmed that they had stuck to the parameters required by FIGC and UEFA to take part in national and continental competitions and “expect to respect also in the future the required parameters, including those laid down in the Settlement Agreement signed in August 2022 with UEFA club financial control body.”

However, they also add: “it can’t be ruled out that, in the future, these parameters (or new requirements that may be proposed and approved) may not be fully respected.

“If the Company is unable to comply with the above requirements, it may be subject to management restrictions, administrative sanctions or, in the most severe cases, not being able to participate in national and/or European competitions with significant negative impacts on their reputation, as well as on the economic and financial situation of the group.”

It must be highlighted that Juventus have repeated this in all their financial statements over the last few years as the message is aimed at current or future shareholders who must have a clear vision of the possible future scenarios. It is not strictly related to the ongoing investigation.

The club’s shareholders meeting will take place on December 27, 2022, while the new board of directors will be held on January 18, 2023.

UEFA opened an investigation into alleged Financial Fair Play and Club Licensing violations, with Juventus assuring they will “lend the utmost cooperation and will provide all information and useful data aimed at demonstrating that the economic, equity and financial situation of the Company is not significantly modified with respect to what was reported to the CFCB in the context of signing the Settlement Agreement” in March 2022.

6 Comments on “Juventus disagree with financial auditor but admit risk of exclusion from competitions”

  1. Hell no the Taco Bell of Europe needs the CL and the CL needs its serial whipping boys to add to the comedy routine. One year its Lyon, Porto, then Villarreal and this term it was Haifa.

  2. I like Taco Bell, maybe its better to compare these guys with Enron – after many years of success their accounting fraud was found out and the company disappeared.

  3. Nah more like FTX and conveniently ignored by the pie and mash muncher. I don’t blame her, she is not the brightest bulb in ye olde Blighty.

  4. The dull bulbs of Blighty got further than your whipping boys of Qatar. Oh, say, did you see that one?

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