MILAN: Shares of Juventus Football Club SpA slumped in Milan after Italy’s football federation penalized the billionaire Agnelli family’s team by cutting its points standing following an investigation into accounting practices.
The stocks fell as much as 13%, the steepest intraday decline since April of 2021, and traded down 10% as of 9:36 a.m.
The Federal Appeal Court of the FIGC, Italy’s football federation, handed down a 15-point reduction in the team’s Serie A ranking this season because of how it accounted for player transfers, according to a statement late Friday.
That will make it much harder for Juventus to qualify for European tournaments such as the Champions League. The club is now ninth in Italy’s top-level Serie A. (Bloomberg)
