Football clubs 'unfit' to trade

Two of the four Serie A clubs accused of match fixing, Juventus and Lazio, are listed on the Milan exchange along with AS Roma, which is not implicated in the scam.

"The scandal that has erupted in the football world highlights critical aspects of listing clubs," Lamberto Cardia, president of the National Commission for Listed Companies and the Stock Exchange, said during an annual finance address in Milan.

Despite risks

In 1996, the Italian parliament cleared the way for football clubs to seek stockmarket listing despite the commission's concerns about the risks for investors.

Football clubs' standards of reporting and accountancy fell short of market requirements, Cardia said.

"The expected evolution of activity towards areas that would enable a reduction in the hazard of dependance on sporting results has not taken place," he said.

Italian Football Federation special commmissioner Guido Rossi welcomed Caida's analysis, adding that moves to delist clubs would be "most welcome".

Juventus's share prize was slashed in half in May after published telephone transcripts suggested general manager Luciano Moggi had a direct say in selecting referees who skewed matches in favour of the 2004-2005 league champions.

Alleged doping

The leaks stemmed from an investigation by criminal prosecutors in Naples into alleged doping at Juve, later widened to probe allegations of illegal betting by players and financial impropriety involving club executives.

A match-fixing trial involving Juventus, Lazio, AC Milan and Fiorentina, and 26 officials, referees and linesmen, resumed in Rome on Monday.

The four clubs face relegation or could be docked championship points next season if convicted of sporting fraud.