Juventus Banned From UEFA, Chelsea Fined Millions
UEFA Shakes Up European Soccer Due to Financial Fair Play
UEFA has taken decisive action against two top European soccer clubs. These landmark actions by UEFA signal the governing body’s unwavering commitment to maintaining financial fair play across European soccer and ensuring the integrity of the sport at its highest level.
Juventus Banned From UEFA
Juventus, the two-time European champions, have been banned from participating in European competitions for the upcoming 2023-24 season due to financial rules breaches. This decision follows their ten-point deduction in Serie A last season, which saw them drop out of Champions League qualification places.
Additionally, the Italian giants must pay a hefty fine of €10 million for breaking Financial Fair Play (FFP) regulations. UEFA also warned that another €10 million fine could be imposed if the club fails to comply with financial monitoring rules in the future.
The expulsion of Juventus from the Europa Conference League, UEFA’s third-tier competition, was widely anticipated following a false accounting case that had raised concerns about the club’s financial practices. This ban opens up an opportunity for Fiorentina, who will now take Juventus’ spot in the playoffs round starting on August 24.
Chelsea Fined for Incomplete Financial Info
In a separate case, Chelsea, the London-based club owned by Roman Abramovich, has been fined €10 million by UEFA for “submitting incomplete financial information” during the period when the Russian oligarch was in charge. Chelsea’s new American-led ownership group, led by Todd Boehly and Clearlake Capital, took over the club in May last year. The fine comes as a consequence of certain financial reporting discrepancies discovered between 2012 and 2019, while Abramovich was at the helm.
Juventus Banned from UEFA: Disappointed With the Judgment
The ban is a consequence with which they were left struggling. They expressed their disappointment with the decision but have decided not to appeal the judgment. Club president Gianluca Ferrero emphasized their belief in the legitimacy of their actions and argued that the focus should now shift to the soccer field rather than the courts.
Chelsea Accepts the Settlement
On the other hand, Chelsea accepted the settlement and expressed their commitment to full compliance and transparency with UEFA in the years ahead; they’re left grappling with the consequences of their financial missteps and thinking about what they did wrong.
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