Juventus Hit by Soccer League Points Penalty; Shares Slide

By Joshua Kirby

Shares in Juventus Football Club SpA fell sharply Monday after the club was docked 15 points in the Italian soccer league for accounting infringements.

In a statement late Friday, the Turin-based club said an Italian court had overruled a previous decision in Juventus's favor, resulting in a 15-point penalty in the Serie A league. Sporting Director Federico Cherubini will meanwhile be banned from working in Italian soccer for 16 months and possibly for longer on the international stage.

The penalty leaves Juventus in ninth place in the league, and its qualification for the lucrative European Champions League in doubt.

At 0942GMT, shares traded 6.1% lower at EUR0.31.

The court decision relates to the accounting of player transfers and capital gains, the club said, adding that it will appeal to the Italian Sport Guarantee Board.

The news comes on the heels of the resignation of Juventus chairman and businessman Andrea Agnelli late last year, along with the rest of the club's board, amid an accounting probe into the club by the Italian authorities.

Mr. Agnelli also stepped down last week from the boards of Agnelli-family holding company Exor NV--which controls Juventus--and auto maker Stellantis NV, in which Exor holds a minority stake.

Stellantis and Exor both face reputational risk from the Juventus affair, analyst Saima Hussain at Baader Helvea said in a research note. Mr. Agnelli will remain closely linked to Exor despite his stepping down as director, Ms. Hussain said. His departure from the Stellantis board meanwhile raises questions around the balance of power at the auto group between the Agnelli family and fellow shareholders the Peugeot family, the analyst said.

"Such issues do not look good at a time when ESG practices are increasingly important for investors and regulators," she noted.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

January 23, 2023 05:10 ET (10:10 GMT)

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