Juventus Board Resign Over Alleged Accounting Irregularities

    Advertisement The entire board of directors at Juventus has resigned, including president Andrea Agnelli and vice president Pavel Nedved, the Italian Serie A … Continue reading Juventus Board Resign Over Alleged Accounting Irregularities


Juventus Board AFP
Juventus Board/ AFP

 

 

The entire board of directors at Juventus has resigned, including president Andrea Agnelli and vice president Pavel Nedved, the Italian Serie A club said in a statement Monday.

The board had sought independent legal advice over an ongoing investigation by prosecutors in Turin into allegations of false accounting and irregularities in the transfer and loans of players.

It resigned over “new legal and accounting opinions” from experts, and given “the centrality and the relevance of the pending legal and technical/accounting matters”, the club said.

The exodus marks the end of a chapter for Agnelli, who as chairman saw Juventus win nine-straight Serie A titles as well as reach the 2015 and 2017 Champions League finals.

He was also a fervent supporter of the European Super League. Two of the clubs that also hoped to join — Manchester United and Liverpool — are now up for sale.

But he risks legal woes along with over a dozen other people in the commissions’ case.

Juve are being probed over 282 million euros ($319m) of capital gains — the positive difference between purchase and sale values net of amortization and write-downs — from a series of player transfers booked in their financial results for 2019, 2020 and 2021.

– Parallel investigation –

Prosecutors in Turin are investigating the possibility that Juve, who are listed on the Italian stock exchange, presented false accounting information to investors and produced invoices for non-existent transactions over that period.

The outgoing board “considered (it) to be in the best social interest to recommend that Juventus equip itself with a new Board of Directors to address these issues,” the club said.

Managing director Maurizio Arrivabene was asked to stay on for an interim period while a new board could be brought together for the Turin giants, the club said.

The next shareholders’ meeting is set for December 27 and will examine new consolidated financial statements as of 30 June 2022.

Shareholders are then set to meet again on January 18 to appoint the new board, it said.

A raft of transfers involving Juve and other clubs are also the subject of a parallel investigation which was launched by the Italian Football Federation (FIGC) in October.

What is discovered by prosecutors will then be passed on to the FIGC, which has powers to sanction clubs with a range of punishments from fines to being kicked out of the league.

The club will “continue to cooperate with the supervisory and industry authorities”, it said.