Juventus chairman Andrea Agnelli, along with the soccer team’s entire board of directors, late on Monday resigned amid a probe into alleged wrongdoing related to the company’s last-three-year financial filings.
“We are facing a delicate moment as a company and the unity has failed,” Agnelli said on Monday in a letter to employees, which was viewed by Bloomberg. “It is better to leave everyone together, giving the possibility to a new team to overturn that game.”
The dramatic exits follow an investigation by the public prosecutor’s office in Turin and the Italian Companies and Exchange Commission (CONSOB) into some of the soccer club’s recent financial balance sheets, regarding alleged false accounting and market manipulation.
Photo: AFP
Juventus said it would have to restate its financial statement for this year, after a review of how players were accounted for.
The team added that it had amended its balance sheets, to be approved by shareholders on Dec. 27.
The club has denied any wrongdoing.
Since 2010, Juventus won nine consecutive Serie A titles under the leadership of Andrea Agnelli. However, his reputation suffered after his attempt at leading the so-called European Super League, a project that crumbled just days after its launch as teams pulled out after drawing ire from fans, politicians and sports officials.
The Agnelli family, which founded automaker Fiat SpA nearly 125 years ago, manages most of its properties through holding company Exor NV. It also controls Ferrari NV, CNH Industrial NV and media publisher The Economist Group Ltd, and is the largest single investor in Stellantis NV.
The Agnelli family has owned Juventus since 1923, and manages it through Exor, led by CEO John Elkann.
Juventus deputy chairman Pavel Nedved and CEO Maurizio Arrivabene offered to resign, but the board of directors asked Arrivabene to stay in the job, the letter said.
The company also said it had appointed Maurizio Scanavino as general manager, and Gianluca Ferrero as chairman.
Scanavino is CEO and general manager of GEDI Gruppo Editoriale SpA, the media company owned by the Agnelli family. Tax adviser Ferrero holds positions at shipbuilder Fincantieri SpA and Luigi Lavazza SpA
In September, Juventus reported a 254 million euros (US$263 million) loss, the largest in Serie A history.
The club attributed the poor figures for the 2021-2022 season partly to the effects of COVID-19 and due to an early exit from the UEFA Champions League.
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