Why the Juventus President and entire club’s board resigned
Serie A giants Juventus have confirmed that president Andrea Agnelli and the entire board of directors have resigned.
WHAT PROMPTED RESIGNATIONS
The resignations come after the club’s financial statements underwent scrutiny by prosecutors and Italian market regulator Consob. This was for alleged false accounting and market manipulation.
It is alleged that during the lockdown, the club claimed that the players gave up four months’ wages to help the club balance their books.
But the Italian prosecutors discovered that the players in fact gave up far less than that. They added that the club falsified the entire amount on their financial statements. This was allegedly done to avoid taxes.
The resignations also come after investigations over the revenues from player registration rights between 2019 and 2021.
Club legend and vice president Pavel Nedved is also amongst those who have stepped down.
JUVENTUS OFFICIAL STATEMENT
“For this purpose, upon proposal of the Chairman Andrea Agnelli and in order to allow the decision on the renewal of the Board to be submitted to the Shareholders’ Meeting as soon as possible. All the members of the Board of Directors present at the meeting declared to forego their office,” read the statement.
“For the same reasons, each of the three directors with powers (the Chairman of the Board of Directors Andrea Agnelli, the Vice Chairman Pavel Nedved and the Chief Executive Officer Maurizio Arrivabene) has considered it appropriate to forego the powers granted to them.”
“The Board of Directors has, however, asked Maurizio Arrivabene to maintain the position of CEO.”
Juventus said they would continue to cooperate with the authorities.
“Juventus will continue to collaborate and cooperate with the supervisory and industry Authorities. Without prejudice to the defence of its rights in relation to the challenges raised against the Company’s financial statements and press releases by Consob and the Public Prosecutor’s Office.”
A new Juventus board of directors and a new club structure is expected to be appointed in the next few months.
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