Juventus president Andrea Agnelli and vice-president Pavel Nedved have resigned from the club alongside entire board of directors; Serie A club have been accused of false accounting and market manipulation in recent months and recorded record losses; the company has denied any wrongdoing
Tuesday 29 November 2022 16:31, UK
The entire board of directors at Juventus, including president Andrea Agnelli, have resigned with the Italian club set to replace him with Gianluca Ferrero.
The collective resignation comes after Juventus' financial statements underwent scrutiny by prosecutors and Italian market regulator Consob in recent months for alleged false accounting and market manipulation. The company has denied any wrongdoing.
Furthermore, Juventus published an annual loss of £220m for last season - a record-breaking fee in the history of the club.
A Juventus statement read: "The Board of Directors, considering the focus and relevance of the pending legal and technical-accounting issues, have deemed it in the best interest to recommend that Juventus adopt a new Board of Directors to deal with these issues."
Alongside Agnelli, vice-president Pavel Nedved has offered his resignation as has chief executive Maurizio Arrivabene - but Juventus have asked the latter to remain in his position to transition over to the next board of directors.
Board members Laurence Debroux, Massimo Della Ragione, Katryn Fink, Daniela Marilungo, Francesco Roncaglio, Giorgio Tacchia and Suzanne Keywood have also stepped down.
Juventus confirmed on Tuesday morning that Turin-born Ferrero will replace Agnelli.
"[Ferrero] has solid experience and the necessary technical skills, as well as a genuine passion for Juventus, which make him the most suitable person to hold the position," a Juventus statement to the Stock Exchange said.
Juventus have also confirmed that Maurizio Scanavino will take over as general manager, while the vacated directorships remain unfilled as candidates are sought. The club are set to hold a shareholders' meeting on January 18 when all roles will be filled.
The northern Italian side's share price dipped almost five per cent in morning trading on Tuesday and the value of the club is at its lowest since 2017.
President Agnelli has been at the Juventus helm since 2010 and was one of the main figures in setting up the European Super League which failed to take shape last year, acting as vice-chairman of the division.
Juventus, under Agnelli's stewardship, are still signed up to the breakaway league along with Barcelona and Real Madrid, despite the other nine European clubs quickly stepping away from the project due to backlash from the football community.
To take up the European Super League vice-chairman role, Agnelli had to resign from his executive-level positions in the European Club Association and the UEFA committee.
In Agnelli's reign, Juventus became one of the powerhouses of European football by dominating the Italian leagues. Juventus won nine Serie A titles in a row until 2019-20.
However, Juventus have fallen off their perch in recent seasons, with Inter and AC Milan winning the last two Serie A titles respectively.
Juventus are currently third in the Serie A table, 10 points behind leaders Napoli, and are currently managed by Massimiliano Allegri - who Agnelli let go in 2019 only to rehire him 18 months later.
Juventus were also knocked out of the Champions League group stages earlier this month and dropped into the Europa League - a further blow to their financial standing.
On Tuesday, the Spanish league issued a statement demanding "immediate sports sanctions" be applied to Juventus, noting that it had filed a complaint with UEFA in April for Financial Fair Play breaches.
"As part of its campaign to promote financially sustainable football in Europe, LaLiga continues to pursue these complaints against Juventus and demands immediate sporting sanctions to be applied on the club by the relevant authorities," said a statement from LaLiga.
"LaLiga has long been a major proponent for the implementation, application, and enforcement of strong financial sustainability rules in football.
"The Spanish competition itself has applied its 'economic control' rules for nearly a decade, at the request of the clubs that make up the league.
"Financial sustainability is paramount to protecting the business of football."