Famed soccer club banned from European competition through 2024

Juventus F.C., one of the world's most famed soccer clubs, received long-awaited penalties for its breach of UEFA's financial rules. The club will be banned from participating in any European competitions for the 2023-24 season, which include the upcoming Europa Conference League. 

It will also have to pay a fine of up to $22M, though as reported by The Athletic, one-half of the fine is conditional. If Juventus shows any financial irregularities between now and 2025, it will have to forfeit the full amount.

In a statement, the club lamented but accepted UEFA's decision while also pledging to focus on play on the pitch:

“We do not share the interpretation that has been given of our defense, and we remain firmly convinced of the legitimacy of our actions and the validity of our arguments. However, we have decided not to appeal this judgment. We prefer to put an end to the period of uncertainty and ensure full visibility and certainty to our internal and external stakeholders about the club’s participation in future international competitions. Despite this painful decision, we can now face the new season by focusing on the field, not the courts.” 

In December 2022, UEFA opened up an investigation into Juventus' finances after discovering some accounting improprieties. In layperson's terms, the team had inflated player transfer fees in order to fix their balance sheets. 

As a publicly traded company on Italy's stock exchange, Juventus was subject to multiple reviews by their league Serie A, UEFA and government officials in Italy. Several simultaneous investigations were launched and various penalties — financial settlements and point deductions in the Serie A standings — were handed down.

However, UEFA's new edict could potentially put a future run for a spot in the 2024-25  Champions League in jeopardy if Juventus does not have proper accounting. The world's biggest club competition could be without Italy's greatest team — an oddity even if its fortunes on that grand stage have not been on par with its top-flight peers in nearly three decades.