The Italian Financial Authority issues new sanctions in the Juventus case

On December 17^th, 2025, Consob – the Italian Financial Authority – issued a third resolution (the “Delibera” No. 23807) against Juventus Football Club S.p.A. (“Juventus”) and several former top executives, imposing an administrative sanction for systemic market manipulation through false or misleading information in connection with Juventus’ public disclosures between March 28^th, 2020 and November 22^nd, 2022.

Following the previous two resolutions (no. 22482/2022 and no. 22858/2023), this new Delibera applies pecuniary and disqualification sanctions to former managers for an aggregate amount of €310.000,00. Consob has also imposed an additional administrative fine of €190.000,00 on Juventus, held liable under corporate liability provisions, as the manipulation was carried out in the Company’s interest by its senior management.

The regulator found that the alleged manipulation was implemented through key financial reports and market announcements, including:

• The March 28, 2020 market announcement, in which Juventus informed investors that players and the club had reached an agreement to waive four months of salaries during the COVID-19 emergency. Consob found this communication to be misleading because it failed to disclose side agreements that substantially reduced the actual economic benefit for the club.

• The annual financial statements for the fiscal years ended June 30, 2020 and June 30, 2021, which were approved by the board and publicly released. According to Consob, these statements incorporated accounting treatments and assumptions that did not accurately reflect the Club’s true financial obligations, particularly in relation to player compensation arrangements.

• The consolidated half-year financial report as of December 31, 2020, which provided an interim representation of the Company’s financial position. Consob determined that this report also omitted or misrepresented relevant liabilities arising from undisclosed or inadequately disclosed agreements with players.

• The related official press releases announcing and presenting these financial results, which reiterated and reinforced the allegedly misleading financial information to the market, contributing to an inaccurate perception of Juventus’s financial health.

• Board-approved financial disclosures and investor communications throughout the period, which Consob found were part of a broader pattern of providing incomplete or misleading information, thereby affecting the integrity and transparency of the market.

Following the September 2025 plea bargain proposed by several former managers and Juventus Football Club S.p.A. and accepted by the Penal Court of Rome, this latest regulatory development further strengthens the factual and legal basis for investor loss recovery initiatives, as it expressly qualifies Juventus’ conduct as a systemic and long‑lasting informational manipulation of the market, directly affecting the accuracy of the disclosures on which investors relied when purchasing shares and subscribing to capital increases. Taken together, these elements confirm a pattern of serious and repeated misconduct to the detriment of the market and investors.

Martingale Risk continues to organize a loss recovery group action on behalf for affected investors to recover losses, offering support and expertise in financial civil proceedings and related initiatives in Italy.

Investors who purchased Juventus Football Club S.p.A. securities during the relevant period of January 1st, 2017, to July 1st, 2024, and wish to explore their recovery options can join our group action or request a free preliminary assessment by contacting us through our dedicated Juventus case page or via our contact form