Shares of Juventus Football Club SpA slumped in Milan after Italy's football federation penalized the billionaire Agnelli family's team by cutting its points standing following an investigation into accounting practices.
The stocks fell as much as 13%, the steepest intraday decline since April of 2021, and traded down 10% as of 9:36 a.m.
The Federal Appeal Court of the FIGC, Italy's football federation, handed down a 15-point reduction in the team's Serie A ranking this season because of how it accounted for player transfers, according to a statement late Friday.
That will make it much harder for Juventus to qualify for European tournaments such as the Champions League. The club is now ninth in Italy's top-level Serie A.
Juventus, which has denied any wrongdoing, plans to appeal, the club said in a statement.
The ruling also involves a temporary ban for 11 top managers at Juventus, including former chairman Andrea Agnelli.
Agnelli and all of the team's previous board resigned in November. He announced last week that he will also step down as director at family investment company Exor NV and at carmaker Stellantis NV.
Preliminary hearings in the Juventus case have been set for March 27, Ansa news agency reported earlier this month. The club has said accusations leveled against it are unfounded.
