Bad news for Juventus Turin, whose title falls on the stock market


The Italian club is plagued by sporting, financial and legal problems. On Tuesday, its title fell from entry to the Milan Stock Exchange.





SourceAFP


All the members of Juventus Turin’s board of directors, including its president Andrea Agnelli, submitted their resignations on Monday, while the Italian club is plagued by sporting, financial and legal problems.
© ALESSIO MORGESE / NurPhoto / NurPhoto via AFP

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Udo not fall painfully. Sportingly, Juventus Turin is having a complicated season in Serie A. At least, not as brilliant as it had hoped. Eliminated from the group stages of the Champions League, only third in the championship with 10 points behind the first, Juve faces other problems which are just as detrimental to them. Indeed, on Tuesday, the title of the football club Juventus Turin plunged by almost 5% on Tuesday on the Milan Stock Exchange, the day after the resignation of its board of directors. At around 9:40 a.m. (8:40 GMT), Juve shares fell 4.94% to 0.265 euros, after losing more than 7% shortly after opening, in a market up 0.23% .

All the members of Juventus Turin’s board of directors, including its president Andrea Agnelli, submitted their resignations on Monday, while the Italian club is plagued by sporting, financial and legal problems. General manager Maurizio Arrivabene has been tasked with staying in place and handling day-to-day business until a new board is formed, the club said. The Agnelli family’s holding company, Exor, which owns 63.8% of the club, appointed Gianluca Ferrero, an accountant, as the new president on Tuesday morning.

Closely scrutinized transfer window practices

Juve’s board of directors considered on Monday “that it was in the best social interest” to resign, “considering the centrality and relevance of the pending legal and technical-accounting issues”, an allusion to an investigation that has been leading Italian justice for more than a year.

The Turin public prosecutor’s office is interested in the practice, which Juve has multiplied, of “false exchanges” of players: cross-selling with other clubs, without exchanging money but allowing capital gains to be recorded in the balance sheets. The magistrates have calculated these “fictitious” capital gains at some 155 million euros between 2018 and 2021, according to the media. Added to these legal setbacks are financial problems. The “Old Lady” was eliminated from the group stages of the Champions League, a premature exit which will lead to a shortfall of some 20 million euros, according to the Calcio e Finanza site. The club, in the red for the past five years, recorded last season 255 million euros in losses, a record deficit in Italian football.




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