Juventus released a statement on Monday announcing the resignation of its entire board of directors, including vice president Pavel Nedved and president Andrea Agnelli.
The board stepped down en masse “having considered the centrality and relevance of pending legal and accounting issues”, it said in a reference to an ongoing police 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.
In the announcement, it was stated that the departing 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.”
Juventus board have decided to resign, including president Andrea Agnelli and vice president Pavel Nedved. It’s the end of Andrea Agnelli’s era as Juve president. 🚨⚪️⚫️ #Juventus
There will be new board and new club structure to be decided in the next months. pic.twitter.com/5QemEMkicH
— Fabrizio Romano (@FabrizioRomano) November 28, 2022
The Turin giants’ managing director, Maurizio Arrivabene, was asked to stay on for a temporary period so that a new board could be put together, the club stated.
It stated that the next shareholders meeting would take place on December 27.
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Juve is under investigation for 282m euros ($319m) in capital gains from a number of player transfers that were recorded in their financial results for 2019, 2020, and 2021.
Capital gains are defined as the positive difference between purchase and sale values net of amortization and write-downs.
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 would “continue to cooperate with supervisory and sector authorities”, it said.
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