Audit firm clarifies financial statements amidst Juventus crisis
Independent and renowned audit firm Deloitte has provided a detailed account of Juventus’ financial statements which have resulted in much drama surrounding the club’s dealings in player trading and salary payments.
While the club have disagreed with their conclusions (via Football Italia), Deloitte have stated that the amended accounts provided by Serie A outfits Juventus were accurate and showed the correct financial position of the club, but there were issues with the booked losses recorded over the past two seasons.
Italian authorities are continuing their prosecution over both the prior and the republished financial statements of the Bianconeri.
The Turin-based club have witnessed a mass resignation of its board members following the financial crisis, which led to them refurbishing their statements and publishing them again for scrutiny last Friday.
Deloitte weigh in on Juventus financial crisis
Under the new draft budget signed off last week, Juventus curtailed its 2021-22 financial loss to €239m ($251m) from the €254m it reported originally. It raised its 2020-21 loss to €226m from €210m previously stated.
In its audit report published ahead of a shareholders’ meeting on December 27, Deloitte stated that the information furnishes a “true and fair view” of the consolidated financial position of the club as on June 30, 2022.
But it added some issues remained, including the way players’ salaries were booked in 2020 and 2021 after COVID-19 disrupted the sporting calendar.
However, again, the club has issued a statement where it says that “interpretations and applications of accounting rules… and assessments that Juventus does not agree with” in the context of the independent report by Deloitte.
What happens next for the club is still unclear, but the late December meeting will likely provide some more clarity, while the new board of directors should be in place by 17th January – likely causing some logjam in the winter transfer window.
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