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The 'lady' part of the nickname goes back to the early part of the 20th century. Juventus fans (mostly men) referred to the club as female, with some sections of the supporter base calling it la Fidanzata d'Italia (the Girlfriend of Italy). As for 'old', this seems to be a pun; 'Juventus' stems from 'youth' in Latin.

Juventus fans (mostly men) referred to the club as female, with the southern sections of the supporter base calling it la Fidanzata d'Italia (the Girlfriend of Italy). The 'Old' part of the nickname derives from the amusing irony that the name Juventus stems from 'youth' in Latin. It's a pun!