Entire Juventus Football Club Board and President Resign

Sports

Due to allegations of false accounting, the entire Juventus Football Club board of directors, including CEO Maurizio Arrivabene and President Andrea Agnelli, has resigned. The Italian soccer team claims that the meeting at which new independent legal and accounting opinions were obtained led to the decision of the board to resign.

In recent months, prosecutors and the Italian market regulator Consob examined Juventus’ financial statements for alleged market manipulation and false accounting. The business has said there was nothing wrong. The entire Juventus board of directors concurred that a new board would be in the club’s best interest upon Andrea Agnelli’s proposal.

During Juventus’ final board meeting, Maurizio Scanavino was appointed general manager until a new board of directors is elected at a meeting on January 18, 2023.

The positive difference between sale and purchase values net of amortization, as well as write-downs from a series of player transfers recorded in the financial results for 2019, 2020, and 2021, are under investigation by the board of directors of Juventus.

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The recommendation by the board to appoint a new board of directors to address the issues is thought to be in the club’s best social interest. Maurizio Arrivabene, Juventus managing director, was asked to remain on interim basis until new board of directors for the Italian giants could be assembled.

The new consolidated financial statements as of June 30, 2022, will also be discussed at the upcoming shareholder meeting, which is scheduled for December 27, 2022. The shareholders will meet once more on January 18, 2022 to select a new board for the club.

Sandy

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