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Juve crisis: the divorce from Marotta was the beginning of chaos but Exor will not give up. What is the club risking?

The split between Agnelli and Marotta was the beginning of the Juve crisis. With the arrival of Paratici, the losses began to multiply. What does the Juventus club risk on a judicial, sporting and economic level

Juve crisis: the divorce from Marotta was the beginning of chaos but Exor will not give up. What is the club risking?

September 29, 2018. Many identify in the purchase of Cristiano Ronaldo the beginning of Juventus' troubles, but in reality the date to keep in mind, in the light of what is emerging in the Prisma investigation, is the one mentioned above which corresponds to the divorce with Beppe Marotta. The numbers, moreover, speak for themselves and tell of a Juventus that is almost always profitable during the management of the current Nerazzurri director, with a constantly growing turnover and extraordinary sporting results, under the banner of domination in Italy (7 Scudetti, 4 Italian Cups and 3 Italian Super Cups) and two Champions League finals. The farewell, initially greeted coldly by the fans, kicked off the Paratici era, considered by many to be "the good one", capable of projecting the Lady to even higher levels. It didn't go like this, neither on the field (the team, after the first two years, was no longer able to win, even risking remaining out of the top four) or on the market, where a series of wrong investments led the club to a series of somersaults (lawful or not the judiciary will establish) at least questionable. And then the pandemic arrived, of course, but Covid, as admitted by Agnelli himself in an interception with Arrivabene, is not enough to explain the sensational budget liabilities, which forced Exor to launch capital increases for more than 400 million.

Chaos Juve: the accusations against the suspects

The investigation, which began two years ago by Turin Public Prosecutor's Office and by the Guardia di Finanza, refers to the 2019, 2020 and 2021 financial statements and led to the en bloc resignation of the entire Juventus board of directors, including Andrea Agnelli. The first charge concerns fictitious capital gains, therefore the overvaluation of players in exchanges with other clubs or in a transfer itself. In this case, however, the club has good defense arguments: it is impossible to give an objective value to a player, furthermore the investigating magistrate Ludovico Morello has already admitted that "there may be good faith”. The toughest matches are therefore played on other terrains, starting with the accusation of false news on the salaries of the players. The accusation refers to the pandemic period in which Juventus announced that it had reached an agreement to save 4 months' wages (about 90 million), but in reality 3 were given anyway, as can be seen from the team's Whatsapp chat and a message from Captain Chiellini. The question of false corporate communications is also delicate, with the Ronaldo situation in primis (hence the famous card never found on an alleged debt of 19 million), all aggravated by the fact that the club is listed on the stock exchange. Another possible crime is precisely the manipulation of the stock market with a possible impact on the performance of the shares, as well as the obstacle to Consob and the use of false invoices for transactions that do not actually exist. For this reason, the Turin Public Prosecutor's Office has presented a request for indictment for 12 natural persons (Andrea Agnelli, Pavel Nedved, Maurizio Arrivabene, Stefano Cerrato, Cesare Gabasio, Fabio Paratici, Marco Re, Stefano Bertola, Francesco Roncaglio, Enrico Vellano, Stefania Boschetti and Roberto Grossi) plus Juventus FC due to the entity's responsibility .

Chaos Juve: what the club risks, in Italy and in Europe

The fans are obviously more interested in the possible sporting implications, which would become certain if tax crimes and market abuses emerged. At that point the Federal Prosecutor's Office would act according to the reference code, i.e. theArticle 31 which provides for the "penalization of one or more points in the standings" for companies that "by falsifying their accounting or administrative documents, make use of the services of professional sportsmen with whom they could not have stipulated contracts on the basis of the federal provisions in force". The penalty, if applied in the current season, must lead the club to lose something concrete (such as cup qualification), while if it is irrelevant for the purposes of the standings, it will be applied in the following season, thus making the team start with a handicap. Much more remote, however,demotion hypothesis, which would only become real if it were to be certified that the tricks used in the budget were used to register for the championships. For now, UEFA is observing as a spectator, but has already made it known that it is ready to review the agreements reached some time ago: the settlement agreement that allowed Juve to play in the European cups, they say from Nyon, would be canceled in the event of offenses prove yourself.

Juve chaos: what future? Exor does not give up, but evaluates minority shareholders (and delisting)

Exor CEO John Elkann has already denied the possible sale of Juventus, especially with the centenary at the door, but the continuous injections of resources are not very welcome (understatement) to the investors of the club and the holding company. The hypothesis of a new capital increase remains feasible, but it is good not to exclude alternative solutions such as the entry of new shareholders, obviously minority shareholders. For the experts, the best solution would be a takeover bid aimed at the delisting of Juventus, with the subsequent sale of a stake to an international fund.

Juve chaos: will there be room for Alessandro Del Piero?

And then, once the storm is over, it will be necessary to start again with a new corporate asset that will once again put the sporting side in the foreground. The name most appreciated by the fans is that of Alessandro Del Piero, who has been out of action for 11 years precisely because he is not in tune with Andrea Agnelli. The farewell of the now former president could coincide with his return, but only after the "technical government” (chaired by Gianluca Ferrero and Maurizio Scanavino) will have managed the emergency. For now, Del Piero neither confirms nor denies, limiting himself to emphasizing his love for the cause and the fact that he has kept his home in Turin, but it is clear that his (eventual) entrance should not be just a facade: his dream is an operational role, "Maldini-like" to be clear, but his curriculum outside the field (TV commentator) does not go exactly in that direction. To understand, then, what will happen on the technical front, with Cherubini and Allegri confirmed until the end of the season, but at great risk for the next one: the new Juventus, moreover, will have to shed a bit everywhere, in the hope that justice will not go there with too heavy a hand.

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