(Bloomberg) -- A probe into Juventus Football Club’s player trading is spooking investors, spurring a surge in the risk premium of the Italian soccer club’s sole bond.

The unrated 175-million-euro ($198 million) note due 2024 on Monday fell the most since the early days of the pandemic, when restrictions to limit the spread of the coronavirus halted soccer competitions. It’s now offering 520 basis points above government bonds, the highest since mid-2020, based on data compiled by Bloomberg. 

Italy’s financial police has searched the club’s offices in relation to the probe, which targets the company, chairman Andrea Agnelli, former star player and current vice chairman Pavel Nedved, as well as chief corporate and financial officer Stefano Cerrato.

Juventus said it is cooperating with the authorities and that it “believes to have acted in compliance with the laws and regulations governing the preparation of financial reports.”

Its shares fell 5% in Milan, poised for their lowest close since March 2020.

Juventus last week lost against England’s Chelsea FC in a Europe-wide competition, and against Atalanta BC at home, leaving it seventh in the Italian soccer league table.

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