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‘Earthquake’ at Juventus, president and board resign

The entire Juventus board resigned on Monday and its chairman Andrea Agnelli leaves the head of the club after more than 12 years, Juve announced in a press release published in the evening.

We are facing a delicate moment at the level of society and the cohesion is no longer there. It is better to leave together by giving the possibility to a new team to reverse the game“, wrote Andrea Agnelli, 46, who underlines in his missive “extraordinary results“including the Stadium, the nine titles of Italian champion in a row, the five consecutive ones also among the ladies, also evoking the finals lost in the Champions League in Berlin (in 2015) and Cardiff (in 2017), “our greatest regrets“, he underlines.

Pavel Nedved, Vice President and Maurice Arrivabene the Director General are among the resigning members. This “earthquake“, described as such by the Italian media, follows the involvement of the ‘Old Lady’ in an investigation opened by the Turin public prosecutor’s office for false accounting, and the latest complaints from Consob (the national commission for companies and stock exchange) responsible for regulating the market.

The approval of the budget had already been postponed as well as the shareholders’ meeting, now set for December 27, reports the Gazzetta dello Sport. Maurice Scanavino was appointed general manager.

In the immediate future Maurizio Arrivabene has been instructed to remain in place and to expedite day-to-day business until a new council is formed, said the club, which adds in its press release that “the majority of directors in office have ceased to exist and, therefore, in accordance with the law and the articles of association, the Board of Directors must be considered dissolved. The Board will continue its activity under the prorogatio regime until the General Meeting convened on January 18, 2023 for the appointment of the new Board of Directors.

Juventus has been targeted since November by an Italian judicial investigation into capital gains made between 2019 and 2021.

Italy’s most successful club is suspected of giving false information to investors and producing invoices for non-existent transactions, according to the Turin prosecutor’s office. Several of its leaders, including Andrea Agnelli, are directly targeted.

Many observers have been pointing out for years the abuse of a legal practice on the transfer market, aimed at carrying out “fake trades” between two clubs, i.e. cross-sales of players, sometimes overvalued.

This makes it possible to limit the volume of money actually paid on both sides while allowing immediate recognition of any capital gains to boost financial performance.

Juve is also suspected of having concluded private salary agreements with certain footballers, which have not been communicated to investors. Several players have already been auditioned.

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