Financial statement investigation, Juve: “Prosecutor’s disputes do not appear to be founded”

The club: “Any sporting sanction would be completely unfounded”

“The prosecutor’s disputes do not appear to be founded” and “any sporting sanction would be completely unfounded”. Juventus, with a note on its website, reiterates its line of defense in the investigation by the Turin prosecutor’s office into the club’s financial statements. The company intervenes to reply to articles that prefigure sanctions in the sports field, with a range of measures that varies in severity. In a climate that recalls that of Calciopoli on social media, Juve takes the floor “in reference to what was reported by some press bodies – in full compliance with the judiciary and market regulatory bodies, and while reiterating their utmost trust in the judging authorities” .

“Following the launch of the Consob proceeding to ascertain alleged accounting non-compliance (July 2021), concluded on 19 October 2022, with the results made public by Juventus with the two press releases dated 21 October and 20 November 2022, and following acquisition of the documents in the criminal file (following the notification of the notice of conclusion of the preliminary investigations on 24 October 2022), Juventus’ corporate bodies continued the process of rigorous and scrupulous assessment of all the accounting disputes raised with regard to Juventus financial statements (2019/2020 and 2020/2021 and, in cascade, 2021/2022) “, says the club.

“Based on a solid set of opinions from leading legal and accounting professionals, the Juventus board has consistently reached the unanimous conclusion from the nine directors in office as of 28 November 2022, that the accounting treatment adopted in the contested falls within those permitted by the applicable accounting standards; the Prosecutor’s disputes do not appear to be founded and do not appear, moreover, either in terms of assumptions or in terms of conclusions, aligned with the findings contained in the Consob resolution of 19 October 2022; in fact, the affirms the artificiality of capital gains and the fictitiousness of salary waivers, while Consob disputes a considerably lower value of capital gains, moreover without mention of false accounting, and does not contest the legal effectiveness of salary waivers, nor, with specific regard to the so-called ” salary maneuver” 2020/2021, the legally non-binding nature of the so-called supplementary agreements under negotiation ion in April/May 2021″.

“The correction of the financial statements (ie restatement), with the limited profile of the so-called salary “maneuvers” for 2020 and 2021, was decided in the process of adopting a perspective of accentuated and extreme prudence and has considered accounting effects, also with the help of independent experts, of an immaterial order, in particular on the Company’s shareholders’ equity as at 30 June 2022; Juventus finally trusts that, precisely because of the alleged absence of any alteration of the disputed financial statements, the conclusions of the sporting authorities (which are already are expressed, with regard to capital gains, in favor of Juventus) will not change: in the absence of any accounting alteration, any sporting sanction would be completely unfounded. Convinced that it has always acted correctly, Juventus FC intends to assert its reasons and defend their interests, corporate, economic and sporting, in all locations “, concludes the note.