Argentine, Italian clubs fined over transfer deal

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ZURICH (AP) -- FIFA has fined Argentine club Independiente and Italian club Genoa for breaking transfer rules in a blocked deal for defender Julian Velazquez.

FIFA says both clubs' behavior "stains the credibility of the entire transfer system."

They agreed that Genoa would pay a "significant" amount to Independiente to complete mandatory documents which FIFA insists should be free of charge in its Transfer Matching System.

Genoa also failed to submit documents to FIFA's online process, which seeks to ensure fair dealing and financial transparency in the billion-dollar annual transfer market.

FIFA says its disciplinary panel fined both clubs 35,000 Swiss francs ($38,400).

FIFA says Independiente faces further disciplinary action, and Genoa has been warned about future conduct.

The 22-year-old Velazquez has stayed in Argentina as FIFA stalled the transfer since Aug. 31.