The Juventus board of directors took stock of the double proceeding opened by Nyon on the Continassa accounts
The tormented relationship between Juventus and Uefa, with the Settlement Agreement signed last summer, but above all with the subsequent in-depth analysis requested by Nyon’s Cfcb (the Club Financial Control Body), was an important step in the Juventus half-yearly broadcast today. Here is what is reported: “In March 2022, the UEFA Club Financial Control Body, after having detected the prospective failure to comply with the break-even requirement in the reporting period (from 2019 to 2022), activated a procedure against the companies and other European clubs (including Inter, Roma and Milan, just to name a few, ed.) Considering the impact of the pandemic on the results of the clubs in the reporting period and the entry into force in June 2022 of new Financial Sustainability, UEFA has proposed to all the clubs involved the stipulation, according to homogeneous schemes, of so-called Settlement Agreements, as a tool for monitoring the transition from the previous ones to the new rules on Financial Sustainability. other clubs involved – therefore signed its Settlement Agreement with the CFCB at the end of August, which provides for the payment of an amount equal to 3.5 million (related to the deviation from the break-even requirement in the aforementioned period from 2019 to 2022, penalized by the Covid-19 pandemic). Only in the event of non-compliance with specific financial targets for amounts exceeding certain buffers in the three-year period 2022-2024 are further sanctions of an economic nature envisaged (variable and proportional to the amount of any future deviation), as well as the possibility for the CFCB to apply limitations of a sporting nature (e.g. number of players in the UEFA squad and registration of new players) in the event of particularly significant deviations beyond further specific thresholds. Taking into account the estimates contained in the “2023-2025 Three-Year Plan” approved by the Board of Directors in June 2022, updated as regards the result for the current year on the basis of the current business trend, it is conceivable that the economic results targets intermediate steps envisaged by the Settlement Agreement signed by the company can be respected”.
NEW PROCEDURE
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And then there’s the second episode, the one following the judicial investigations into the Juventus accounts after the story of the capital gains and the “salary maneuver”. “On 1 December 2022 – it reads – the Cfcb, ‘following the alleged financial violations that have recently been made public following the proceedings initiated by Consob and the Public Prosecutor of Turin’, initiated proceedings aimed at verifying compliance with the UEFA Club Licensing and Financial Fair Play Regulations – 2018 edition. The company will fully cooperate with UEFA in the context of the proceeding and will provide all information and useful data aimed at demonstrating that the economic, equity and financial situation of the company has not significantly modified compared to what was reported to the CFCB in the context of the signing of the Settlement Agreement On 9 December 2022, the rapporteur member appointed by the CFCB asked the company to submit certain pertinent documents by 20 January 2023: 1) the proceeding presented by the Public Prosecutor Republic of Turin; 2) the Consob decision issued in the ambit o of the 154-ter Procedure; 3) any supplementary documents and observations that the company deems useful to present. The information was presented by the company within the allotted deadline”. A decision is now expected from Nyon.
March 24, 2023 (change March 24, 2023 | 8:49 pm)
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