Why Juventus are in crisis

at the end of November in an event which was described as an earthquake by the Italian media Juventus suffered the most traumatic day in their history since the 2006 culture poly Scandal so what was it and what does it mean for the club's future [Music] cut was kicking off in Qatar a truly startling statement was released Andrea anieli the chairman of Juventus announced that he and his entire board were resigning manually had spent 12 years at the helm of his family's football club with no little success and no shortage of controversy so what happened well it revolves around the ongoing investigation into juventus's finances late in 2021 they were engaged in a second capital increase in three years over the course of both exercises new shares were issued for a combined 700 million euros to stabilize the club's finances amid the covid-19 pandemic in the prospectus regarding the recapitalization Juventus were obliged as a company listed on the Euro next Stock Exchange in Milan to disclose that the club was subjected to an inspection by Italy's financial regulator consobe over revenues from players registration rights coffee shop another Watchdog char with supervising the football industry in Italy had passed on a report to the Italian Football Federation highlighting 62 transfers from the previous two years the Fig sees disciplinary commissioner was invited to take a closer look and consider whether the fees involved were inflated or not 42 of those transfers involved Juventus the most high profile being the swap of Maryland pianich for Barcelona's artemelo but 36 of the 62 a startlingly high proportion went under the radar because they pertained to young players in April 2022 the figc cleared Juventus and the other 10 implicated clubs with the prosecutor's Case undermined by leaning on the widely used but unofficial football website transfer marked as a benchmark for player valuations far more serious though was a parallel investigation called Prisma that had been launched by the public prosecutor's office of the court of Turin Prisma brought allegations of false accounting false financial statements and Market manipulation a search and seizure order was obtained by the public prosecutors officer Turin and they authorized the guarda de finanza a police force responsible for investigating financial affairs in Italy to raid the club's training grounds in Cantonese and vonovo and their offices in Turin and Milan 16 people were placed under investigation including Angeli vice president Pavel Medved and Juventus former Chief football officer Fabio perettachi who left 18 months ago and is now managing director of football at Premier League club Tottenham Hotspur a request to play sanyeli under house arrest was rejected the club issued a statement in October denying any wrongdoing after prosecutors completed their investigation now attention focused on juventus's financial results in 2019 2020 and 2021 after looking over the books investigators alleged a significant discrepancy also of Interest were the arrangements made with the club's players during the pandemic a statement in March 2020 announced Juventus would approximately save 90 million euros after their players agreed a wage reduction equal to their pay for the months of March April May and June that year but the investigators allege the players waived only one month's pay and that the financial markets were misled by the club's statement the quote salary Maneuvers loyalty bonuses and how they were accounted for lay at the heart of Prisma now Juventus have always maintained that they operated in respect of the law and accounting principles and in line with International Football industry practice and market conditions even so the resignation of the board on November 28th was it explained in its explanatory statement considered in the best interest of the company but this isn't calciopoly 2.0 this is a financial story about how a club listed on the stock exchange reported their financial results it's about player trading and payroll and how the club reacted to financial pressures particularly around making transfers and principally the pandemic so what happens next well if Prisma finds any breaches the figc May reopen its case or start a separate one in light of the findings of the Prisma investigation an appeal launched by the fijc's federal prosecutor's office in May against the acquittal of the 11 clubs involved was rejected but if Giuseppe China the figc's federal prosecutor believes there is Merit in revisiting the case based upon a review of the evidence gathered by the public prosecutor's office in Turin Juventus could be at risk of a fine or a point penalty the Prisma investigation itself has now concluded and it remains to be seen how the criminal proceedings pending before the Turin judicial Authority progress as acknowledged in the first half year report for 2022 by the anieli family's holding company within the club itself chief executive Maurizio urivabene a former Ferrari team principal is staying on for now to manage the transition Juventus have also announced Maurizio scanavino as general manager scalavino previously led gedi the Media Group and publisher behind leading Italian newspapers La Republica and La stampa as well as International titles including the economist gedi is one of the companies in the portfolio of exor which is led by the real power and Scion of the anieli dynasty John elkan who is Andrei Angeli's cousin Juventus are one of the companies on exor's portfolio a conglomerate with revenues worth a colossal 33 billion euros in 2021 and which also comprises Ferrari and stellantis which makes citroens peugeots Opals and voxels elcan and exor are therefore gold standard guarantors it was exor that underwrote the majority of the two Capital increases in Juventus and they can afford it the club of course have to operate within an ffp framework and make a transition to a more sustainable model but their transition has already started the 400 million euro injected into the club this time last year partly gave them the confidence to go and sign Serbia forward duzan vlarovich from Fiorentina for 75 million euros last January he helped Juventus qualify for the champions league and while the club have exited after the group stage a run of six straight clean sheep wins in Serie A following a poor start meant that they went into the World Cup break in third place and on course for another top four finish if you like this video please consider subscribing to the channel the athletic brings you the best sports journalism in the world in a personalized experience connecting you with the stories and teams that you care about the most there's coverage of 13 Sports Plus direct access to world-class journalists through live q and A's discussions and podcasts and you can try it now for free for 30 days by clicking the link in the description

Channel: Tifo Football

Views: 373,727

Keywords: tifo football, tifo football youtube, youtube tifo football, tifofootball, tifofootball youtube, Juventus, juve, juventus finances, andrea agnelli, serie a, italy, italian football, Calciopoli, allegri, pjanic, artur, covid, nedved

Id: bS6k7idO7C4

Length: 7min 19sec (439 seconds)

Published: Wed Jan 11 2023