In a blow to the club’s reputation and near-term sports ambitions, shares of Juventus fell 10% on Monday after Italian soccer officials fined the team 15 points for its transfer dealings.
Juventus, the club with the most Italian league titles, are currently ninth in the Serie A rankings and will have a tough time making it into the lucrative European competition.
In their first game following the punishment’s late Friday announcement, Juventus drew 3-3 with Atalanta on Sunday night in Turin, Italy.
The club said it would wait for the decision’s justifications, which are anticipated by the end of the month, but it still intends to challenge the punishment at an upper sporting court at the Italian Olympic Committee.
In a statement released on Sunday night, Maurizio Scanavino, the new Juventus CEO, stated, “We believe we’re in a solid position and we’ll continue down this route.
He claimed that supporters of other teams disagreed with the choice as well.
Authorities in sport and law have been looking into Juventus’ accounting, which, according to the club, complies with industry norms and is managed by the Exor (EXOR.AS) holding of the Agnelli family.
Further sporting repercussions may result from the club’s purported agreement to reimburse players for the majority of their COVID-related pay reductions without properly accounting for them.
“We must be prepared for anything. Scanavino stated, “Unfortunately, this phrase has taught us that it’s futile to be hopeful or pessimistic. He added that he expected the team to score many goals on the field.
To determine whether to order a trial for the club itself, 11 other people, including former chairman Andrea Agnelli over claims of dishonest accounting, a court hearing is scheduled for Turin in late March.
The club’s stock fell 8.5%, underperforming a 0.2 percentage point decline in the Italian All-Share Index (FTITLMS), and they are on pace to have their worst day since April 2021.