.png)
Juventus Football Club has been fined €190,000 after Italy’s financial markets regulator, Consob, concluded a sanctions proceeding against the club and several of its former senior executives.
In a statement released on Tuesday, Juventus confirmed that Consob had completed the investigation initiated under Article 187-septies of Legislative Decree No. 58/1998 and Article 15 of the EU Market Abuse Regulation. The proceeding concerned the club, a number of former directors and managers, and one currently serving executive.
Consob imposed an administrative pecuniary sanction of €190,000 on Juventus, reduced from an initial proposed fine of €200,000. Former executives were collectively fined €310,000, a significant reduction from the €840,000 originally proposed by Consob’s Administrative Sanction Department (SSA). Additional ancillary sanctions were also applied to the former executives, likewise reduced from the initial proposals.
Juventus noted that the club is jointly and severally liable with the former executives for payment of the administrative fines. However, no sanction was imposed on the manager who is currently serving at the company.
The club added that the decision can be appealed before the competent Court of Appeal within 30 days. Juventus said it will assess whether to lodge an appeal after completing a detailed review of Consob’s ruling.
The decision marks the conclusion of another regulatory chapter for the Turin-based club, which has faced a series of legal and financial investigations in recent years related to its governance and financial reporting practices.
Featured Image Credit: Pixabay / jorono, Unsplash / Maria Bobrova
.jpg)
