Juventus Football Club SpA shares jumped the most in over two years after the team reached a settlement with Italy’s national football federation in relation to a probe on its business practices and agreed to pay a penalty.
(Bloomberg) — Juventus Football Club SpA shares jumped the most in over two years after the team reached a settlement with Italy’s national football federation in relation to a probe on its business practices and agreed to pay a penalty.
The stock rose as much as 9.9%, the steepest intraday advance since April 2021, and traded up 5.4% as of 3:23 p.m. in Milan. The club settled with the organization, known as the FIGC, on a payment of €718,240 ($770,959) linked to inquiries which also touched on alleged “salary maneuvers” from 2019 to 2021, according to a statement from the company.
“The settlement of all open FIGC sports proceedings allows the company to achieve a definite result, settling the matter and overcoming the state of tension and instability that would inevitably descend from the continuation of disputes whose outcomes and timing would remain uncertain,” Juventus said. The agreement also allows the management, the coach and the club’s players “to focus on sports activities and in particular on the overall planning of the next season.”
Juventus earlier this month was handed a 10-point ranking reduction in Serie A for this season as a result of an accounting case. With today’s settlement the club won’t receive any additional penalties for the current and upcoming seasons, potentially allowing it to take part in some European competitions. Juve is in seventh place with one match left to play in the Serie A season, meaning it won’t qualify for next year’s lucrative European Champions League competition.
–With assistance from Daniele Lepido.
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