An iconic Italian soccer club continues to be shrouded in controversy.
Prosecutors in Italy are seeking indictments for a group of former Juventus executives following a swift change in leadership due to alleged financial misconduct and losses.
Earlier this week, the entire board of the Serie A club resigned amid an investigation for allegedly taking commissions from player transfers and loans, as well as false accounting practices related to those transactions.
- Italian prosecutors are seeking several charges, including market manipulation.
- They are targeting former president Andrea Agnelli and 12 other managers.
- Prosecutors believe Juventus has hidden $209 million in losses over three years.
- The club has said that the accusations have no merit.
Juve has taken steps to combat any further speculation of misconduct. Earlier this week, the club said it plans to restate its 2022 finances after a review of how its players are accounted for. It has also amended its balance sheet, which requires final shareholder approval.
Juventus reported a $246.1 million loss for the 2021-22 season — the largest financial deficit in Serie A history. The unfavorable results were attributed to the pandemic and reduced media revenue due to an early exit from the UEFA Champions League after a loss to La Liga’s Villarreal.
International Concern
Spain’s top soccer league, La Liga, plans to ask UEFA and Serie A for sanctions on Juventus following the shakeup of its board.
Penalties could include point deductions or financial constraints, per Bloomberg.
