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Juventus release statement in response to ongoing financial investigation

By James Cormack

(FromL) Juventus' vice-president Pavel Nedved, Juventus's managing director Maurizio Arrivabene and Juventus' President Andrea Agnelli attend the Italian Serie A football match Juventus vs Atalanta at the Allianz Stadium in Turin on November 27, 2021. (Photo by Isabella BONOTTO / AFP) (Photo by ISABELLA BONOTTO/AFP via Getty Images)
(FromL) Juventus' vice-president Pavel Nedved, Juventus's managing director Maurizio Arrivabene and Juventus' President Andrea Agnelli attend the Italian Serie A football match Juventus vs Atalanta at the Allianz Stadium in Turin on November 27, 2021. (Photo by Isabella BONOTTO / AFP) (Photo by ISABELLA BONOTTO/AFP via Getty Images) /
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Juventus have claimed their innocence in the quickly developing false accounting saga but stressed they are cooperating with investigators to resolve the issue.

It’s been a miserable few days for Juventus on and off the field. Reports of these potential financial misdemeanours surfaced in between the defeats to Chelsea and Atalanta.

The club’s headquarters were raided by the Guardia di Finanza on Friday to gather the required information and documents concerning the club’s transfer dealings between 2019 and 2021. Turin prosecutors, including COVISOC, are suspicious of the capital gains made during this period with claims suggesting a movement of €50m has taken place.

Juventus, though, insist they have little to hide and said they are happy to work with authorities in a statement released on Saturday night.

Juventus’ statement

“Juventus acknowledges that the Public Prosecutor’s Office of the Court of Turin has started investigations against the Company and some of its current officers (Andrea Agnelli), Pavel Nedved and Stefano Cerrato) and former officers concerning item ‘Revenues from players’ registration rights” of the financial statements as of and for the years ended June 20, 2019, 2020 and 2021,” the statement opened.

“The Company is cooperating with the investigators and with CONSOB and trusts that it will clarify any aspect of interest to it as it believes to have acted in compliance with the laws and regulations governing the preparation of financial reports, in accordance with accounting principles and in line with the international practice in the football industry and market conditions.

“In connection with the capital increase, which was resolved upon by the Shareholders’ meeting on October 29, 2021, the Company hereby confirms the timing disclosed in the press release dated November 22, 2021, and, accordingly, that the period for the exercise of pre-emptive rights and trading of such rights will commence on November 29, 2021,” the club concluded.

42 transfers are said to be subject to investigation, including the admittedly strange swap deal with Barcelona including midfielders Arthur Melo and Miralem Pjanic. Moreover, reports emerged earlier on Saturday of Cristiano Ronaldo’s contract coming under scrutiny.

There are concerns that Juventus may have falsified their income in order to balance the books during the noted period (2019-2021) and should the club be found guilty, they’re likely to face a hefty fine as well as a potential points deduction in Serie A.

Considering their current woes, that’s the last thing they need.

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