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The Spy stock is down by a quarter to 5.8pc after the Italian football association (FIGC) announced it was closing down the company’s main training academy, which is a key source of income for the club.

In a statement issued on Tuesday, the FIGC said the academy had been the “central source of financial support for the FIGCA since it was founded in 2012”.

The closure of the academy was announced on December 30.

“The closure of this training academy is a consequence of the financial situation and structural changes, the development of which were not approved by the club,” it said.

“This decision was taken to address a number of fundamental issues, which were the financial position of the club and its staff.

It also follows the decision by the Italian Football Federation (FIGF) to close the club’s youth academy in November, and its decision to terminate the participation of the FIGA in the national youth competition.”

The FIGC has been criticized for its lack of transparency over the academy’s finances, with many accusing it of not fully disclosing its finances.

The FIGCs annual financial report was released in March last year, but there was no explanation for why it did not include a financial statement for the academy.

Last week, the Serie A club announced it would be shutting down the youth academy, and it had previously said that it would have to seek permission from the FIGCs board before doing so.

However, the club was told by the FIGS board that it was able to continue training at the academy without its financial support.

It is unclear whether the closure of its academy was related to the financial problems, or if the FIGs decision was to avoid a loss to the FIG’s bottom line.