Entire Juventus board resigns amid financial review – RT Sport News
The entire board of Serie A giants Juventus, including club chairman Andrea Agnelli, has resigned with immediate effect amid an ongoing investigation by prosecutors and financial regulators into allegations false accounting and market manipulation.
The club and its owners have denied any wrongdoing.
Agnelli and club vice-president Pavel Nedved, the Czech footballer who represented Juventus between 2001 and 2009, are currently under investigation after Juventus suffered a loss of more than $263 million (220 million) for last season the highest financial loss. in the history of the club.
« The board, given the direction and relevance of the outstanding legal and technical accounting issues, deemed it to be in the best interest to recommend that Juventus adopt a new board. to address these issues.« , the club said in a statement.
News of the showdown in Juve’s boardroom sent the club’s market price down 5% when markets opened on Tuesday morning and left the Italian giants with their lowest valuation in five year.
Andrea Agnelli is a descendant of Giovanni Agnelli, one of the founders of Fiat which would go on to become Italy’s largest automobile producer, and he has led the club since 2010.
He was one of the key figures behind last year’s ill-fated European Super League proposal – with Juventus, as well as Real Madrid and Barcelona, still remaining committed to the project despite the withdrawal of several other top European football clubs due to extreme fan reaction.
Under Andrea Agnelli, Juventus dominated Italian football and won nine league titles in a row until the end of their run in the 2019-20 campaign.
It was also confirmed on Tuesday that Turin-born Gianluca Ferrero will replace Agnelli at Juve, with the club adding in a statement that he « has solid experience and the necessary technical skills, as well as a genuine passion for Juventus, which makes him the most suitable person for the position.”
It remains to be seen what action – if any – will be taken against the club if it is found to have breached the financial rules.
Juventus had previously been embroiled in a separate scandal after the 2005–06 season, in which the club acted improperly by requesting favorable referees to officiate their matches. They were later stripped of a Serie A title and relegated to the second tier of Italian football as punishment.
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