The Union of European football associations (UEFA) opened the investigation file of Juventus for the potential breaches of the club licensing and financial fair play regulations. They came up with the conclusion after the Turin prosecutors have requested indictments for the ex-chairman Andrea Agnelli, and 12 other defendants.
Hours after the prosecutors’ announcement, Juventus ‘s problems seemed to deepen. When European football’s governing body, UEFA, announced it was opening an investigation into potential breaches.
The UEFA reported that the CFCB (club financial control body) first chamber has started the investigation into the Juventus financial misleading and breakage of rules. They also added that the investigation will focus on the alleged financial violations.
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UEFA said that the investigation will focus on the alleged financial violations that were recently made public as a result of the proceedings led by the Italian Companies and Exchange Commission (CONSOB) and the public prosecutor in Turin.
Second glance of UEFA on Juventus
In November 2021, police from Italy’s Guardia di Finanza raided Juventus’s headquarters in Turin.
The inquiry ended in October with prosecutors alleging that the club’s losses were far higher than declared. It had a loss of €239m (£204m) in 2019 rather it stated €89m. It is much higher than the three season losses.
Italian reports refer to allegations of millions of euros made in artificial capital gains as well as fictitious savings made from players’ salary cuts.
It is important to note that during Andrea Agnelli’s term as president, Juventus won nine Serie A titles in a row but were never able to win the prized Champions League. The club paid €100m to sign Cristiano Ronaldo from Real Madrid in 2018.
An appointment and a resignation
Last week, Juventus’s board of directors, including president Andrea Agnelli and vice-president Pavel Nedved, resigned after the club’s financial statements were examined carefully by prosecutors and Italian market regulator CONSOB for alleged false accounting and market manipulation.
Then, UEFA appointed a new investigation unit headed by Sunil Gulati(the former United states soccer federation president). The committee decided to proceed with a settlement agreement in August with Juventus.
Also, if it found that the club’s financial situation was significantly different throughout the period , the CFCB reserves the right to terminate the settlement agreement. It can also take any legal step it may deem appropriate, and impose disciplinary measures. It applies for new and substantial facts.
The decision was to avoid more serious sanctions of financial monitoring rules that apply to all clubs who qualify for UEFA competition. The UEFA also gave hope on revoking too.