President and entire board of directors of Juventus-ITA resign

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All members of the board of directors of Juventus Turin, Italy, including its president Andrea Agnelli, have resigned, the Italian club announced in a statement on Monday night (28).

The general manager, Maurizio Arrivabene, will be in charge of resolving day-to-day matters until a new board is formed, the Italian club announced.

The next general meeting is scheduled for January 18.

The board of directors, of which Agnelli and his vice-chairman Pavel Nedved are part, resigned “considering the centrality and relevance of the legal and technical-accounting disputes”, in reference to an investigation of the Italian justice opened more than a year ago.

The Public Prosecutor’s Office in Turin is keeping an eye on the practice, common at Juve, of “false exchanges” of players: cross-selling with other clubs, without financial compensation, but which allow capital gains to be recorded on the balance sheets.

The magistrates estimated these “fictional” gains at around 155 million euros (about R$ 867 million) between 2018 and 2021, according to the media.

The club, which is quoted on the stock exchange, would also have hidden from its investors the existence of private agreements with players, including the Portuguese striker Cristiano Ronaldo, for payment of different wages.

In addition to these legal problems, there are other economic ones. Velha Senhora was eliminated in the group stage of the Champions League, a premature departure for which around 20 million euros (about R$ 112 million) will not come in, according to the Calcio e Finanza portal.

The club, in the red for the last five years, recorded losses of 255 million euros (R$ 1.4 billion) last season: a record deficit in Italian football.

Juventus “will continue to collaborate and cooperate with the surveillance authorities and the sector”, Juve said.

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