Soccer scandal: shares of Juventus bounce back

Despite the unexpected increase, analysts projected Friday's decision would ultimately damage the stock. Euromobiliare bank warned that the decline in the net asset value in Ifil, the Agnelli family holding company that owns 60 percent of Juventus, will also have a negative effect.

Juventus shares have fallen about 30 percent since May, when the scandal first broke.

Besides Juventus, a sports tribunal also relegated to Serie B Lazio and Fiorentina. AC Milan, owned by former Premier Silvio Berlusconi, was spared relegation but was given a 15-point penalty in the top division and will not play in European tournaments this season, the AP reports.

The scandal is projected to take a financial toll on the clubs involved. In addition to game-day receipts, broadcast rights may need to be reworked for the teams relegated to the second division, and sponsorship contracts for Juventus may be endangered if it is unable to work its way backup to Serie A in one season.

Trading in Lazio, the only other club involved in the scandal listed on the Milan stock exchange, had not yet opened.

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Author`s name Editorial Team