Salary cap part of Juventus changes

As one of the changes to its way of doing business, Italian Juventus will introduce a salary cap, according to the vice president of the shareholder company.
 
"We're bringing the sport back to the centre, valuing the academies for young players, introducing a salary cap, focusing also on the importance of the educational value of sports," John Elkann, vice-president of holding firm IFIL, told La Stampa.
 
Juventus share prices have been halved over the past ten days with a probe into transfer deals and allegations of match-fixing.
 
It started with the publication of taped telephone calls between general manager Luciano Moggi — since resigned — and various soccer officials in which they appeared to be fixing matches, even bragging how they had locked an uncooperative referee in a changing room.
 
Elkann said an ethical code at the club was a priority for the new management. Juventus appointed Carlo Sant'Albano as its new chief executive Friday. Coach Fabio Capello will keep his post.
 
Elkann defended IFIL’s position during the scandals at the club.
 
"It was impossible for those who were not employed there," Elkann said. "The shareholders' level of knowledge is based on the company's official, certified documents."
 
He said Juventus’s sponsors would not abandon the club. Libyan oil firm Tamoil, a top sponsor, has declined comment on its plans.
 
IFIL owns 60 percent of Juventus and is also a main shareholder in industrial group Fiat.