Inflated market and values: according to Juve, Naples, Sampdoria, Genoa and Empoli

Almost two hundred pages of tables, figures, details that reveal everything about the market operations that according to the Federal Prosecutor have generated capital gains “for values ​​exceeding those permitted by accounting principles”, consequently altering the balance sheets of the clubs. This is the content of the referral notified yesterday to eleven clubs, of which five from Serie A (Juventus, Naples, Genoa, Empoli and Sampdoria), and which involves 61 people, including managers and members of the boards of directors called to approve the financial statements. : ranging from Agnelli, Paratici and Nedved to De Laurentiis with his wife and children, up to the former presidents of Samp and Genoa Ferrero and Preziosi. The other clubs involved are Pisa and Parma in Serie B, Pescara and Pro Vercelli in Lega Pro and Novara and Chievo, no longer affiliated.

Fictitious capital gains

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The men of the prosecutor Giuseppe Chiné carefully examined all the operations reported by Covisoc with a note of 19 October 2021 after the control activities on the 2019-20 and 2020-21 seasons. These are 18 transactions that took place in a cross mode, “with no (or limited) financial effect”, but in which in fourteen cases “the same players were not employed by the purchasing company”. The practice in fact provided that they were temporarily transferred to the same club that had sold them or to a club of a lower category. In all cases, the transactions allowed the companies to record “large capital gains in the income statement, altering the veracity of the accounting period”. As for Serie A, Juve appears in 15 operations, Napoli in one (the one with Lille for Osimhen), Sampdoria in three, Genoa and Empoli in one. As for the others, Parma in two, Pisa, Pescara, Pro Vercelli, Novara and Chievo in one.

The adjusted value

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One of the most interesting things about the referral is how the Prosecutor has identified – using a series of particular parameters – the “real” value of the 59 players analyzed, showing in black and white how important the alteration is. Thus we discover that in the controversial Juve-Barcelona operation, Miralem Pjanic was sold at the “right” price (60 million 842 thousand) and that the value attributed to Arthur is not disputed: the problem is Marques and Pereira, for which a fictitious capital gains of 6.2 and 6 million respectively. And there is another well-known name, Cancelo, about which the Prosecutor has not raised doubts in the deal completed with Manchester City: the 65 million are convincing everyone. The situation was different in the Juve-Sampdoria operation with Audero, Peeters and Mulè as protagonists, the goalkeeper was paid 20 million against an “adjusted value” (as the Prosecutor defines it) of 13, with a consequent capital gain of 7. Watch out too in Rovella in the Juve-Genoa deal with Petrelli and Portanova: price 18 million, adjusted value 6, therefore capital gain of 12. And the figures of Portanova themselves (10 million against 2 of adjusted value) and Petrelli (8 million against one). We come to the Osimhen affair: the player arrived at Napoli from Lille for 71 million 250 thousand euros, the adjusted value is 52 million. But what stands out is the difference for the players who have been sent (with very little luck) to France: like the young Ciro Palmieri (price 7 million, correct value 100 thousand euros), Luigi Liguori and Claudio Manzi (4 million for Napoli and 100,000 from the prosecutor’s office), Orestis Karnezis (5 million 130,000 against 500,000). In absolute terms, it is clear that both the less important names that the clubs involved have, according to the accusation, forced their hand.

Balance sheets

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From this analysis it was possible to restate the financial statements of all eleven companies. For Juventus, for example, adjustments were made for “elimination of fictitious capital gains” up to the quarterly report of 31 March 2021 for a total of 111 million 660 thousand euros, which if added to the loss declared by the club of 138 million 666 thousand euros, the to over 250 million, thus also impacting shareholders’ equity. For Serie A clubs (also deferred for direct responsibility), if they are found guilty, the penalties include only a fine. To risk something much more serious are Pisa and Parma in Serie B.