Juventus and the shocking financial scandal

Financial scandal

At the end of November 2021, the Juventus club headquarters in Turin were searched by order of the Italian prosecutor's office. The reason is because 42 out of 62 transfer deals in the period of 2019 - 2021 of "The Old Lady" have shady signs, with many accusations of false accounting. Juve's whole board resigned as a result of 15 people and the club being charged with various offenses following an investigation by prosecutors in Turin into claims of false accounting and anomalies in player transfers and loans.

The 255 million dollar (239.3 million euro) revised losses for the 2021/22 season will be approved on Tuesday, marking the seventh consecutive year of negative annual accounts. Juventus, which is traded on the Italian stock exchange, reported record losses of 254 million euros in September. This amount was later corrected downward as losses for 2020–21 were revised up from 209 million euros to 226 million euros.

However, such accounts were changed in response to the conclusions of auditors, prosecutors, and stock market regulator CONSOB.

The board postponed Tuesday's meeting from November 23 to just over a week after it made its resignation announcement. A 12-year rule that delivered a lot of championships and temporarily restored Juventus as one of Europe's top teams came to an end with the resignation of several people, including the chairman Andrea Agnelli.

The board of Juventus

After spending more than 100 million euros to purchase Cristiano Ronaldo from Real Madrid three years prior, Juventus' streak of nine consecutive league championships came to an end in 2021, and their achievements on the continent drastically declined.

The COVID-19 outbreak and the rise in salary expenditures that followed Ronaldo's entrance caused parent company Exor, which is owned by the influential Agnelli family, to raise two capital increases totaling 700 million euros.

The case is also related to superstar Cristiano Ronaldo. His relationship with Juventus and his transfer from Juventus to MU this past summer are under scrutiny by prosecutors. Before the match between Manchester United and Arsenal in the 14th round of the Premier League, it was reported that Ronaldo would have to explain to the Italian investigative agency about the unusual income he received while wearing a Juventus shirt. 

The latest developments are pushing things further. The newspapers Gazzetta dello Sport and Corriere dello Sport simultaneously reported that Juventus was accused of providing "false information" regarding the transfer of Ronaldo so as not to violate financial fair play. The Football Italia page said that maybe between Ronaldo and Juventus there was an "implicit".

Cristiano Ronaldo is also doubt related to this scandal 

Juventus is accused in documents obtained by AFP of inflating transfer prices artificially and misleading the stock market when they announced during the height of the pandemic that players would help the club save 90 million euros by forgoing their salaries for the months of March, April, May, and June 2020.

The club allegedly promised players in private that they would just have to forego one month's pay, saving just 22 million euros.

The chaos

The Turin giants, who trail Serie A leaders Napoli by 10 points and finished the group stage with just three points, were eliminated from the Champions League.

Juve's manager, Massimiliano Allegri, had come under fire after a disastrous start to the season, but a run of six league victories in the month before the World Cup helped Juve climb to third place in Serie A.

Allegri, who is still in charge alongside sporting director Federico Cherubini, hasn't been directly impacted by the instability elsewhere. Agnelli's season, though, is starting to resemble a nightmare since UEFA is also looking into Juventus's finances.

Juventus had negative achievement after financial scandal

The Super League's remaining backers, including Agnelli, appear to be losing the war against European football's regulatory body.

Earlier this month, the chief legal counsel for the European Court of Justice declared that Uefa and international governing body Fifa had acted legally when they threatened to remove clubs or players who joined the closed breakaway league.

Agnelli, the chairman of Juventus, and his counterparts at Barcelona and Real Madrid, the current European champions, were holding onto the Super League plan despite the fact that it was abandoned in 2021, just 48 hours after it was announced, due to fan backlash.

Advocate General Athanasios Rantos disagreed with the assertion made by the holding company for the Super League that Uefa had used its market power unfairly to stifle legitimate competition. Early in the following year, the ECJ is expected to make a final decision official.

Trial date

On January 18, shareholders will gather once more to elect the new board. For the hearing in the inquiry investigating exaggerated financial gains for nine clubs, including Juventus, the date of January 20 has been set.

This court will determine whether individuals accused by the prosecution will be defendants in a case that would create a difficult background for Juventus' already challenging second half of the season.

When the conclusion to this financial scandal is available, there will be punishment for not only those who have been held accountable in this matter, but also for Juventus, including a fine based on the level or point at which this club is played.