New President For Juventus After Entire Board Resigns Overnight
Gianluca Ferrero has been named as Juventus’ new president after the entire board resigned following allegations of malfeasance.
Former president, Andrea Agnelli and vice-president Pavel Nedved resigned alongside the entire board of directors following allegations of false accounting and market manipulation.
The company denies any wrong doing.
After twelve years in the lead of Juventus, Agnelli left the helm of the club after twelve years in the wake of allegations of naughty accounting practices during the pandemic and a record loss of over €250 million in the last season.
During the height of lockdown, the club claimed that the players gave up four months’ wages to help the club balance their books.
The prosecutor’s office alleges that the players in fact gave up far less than that, and that Juve claimed the entire amount on their financial statements while essentially paying them the rest under the table.
This would have allowed the club to show balanced books while also allowing both parties to avoid taxes. Given that Juventus is a publicly traded company, it would also have affected their share price.
This in itself is a separate controversy to the “plusvalenza” claims of Juve inflating their players’ value, which was just months ago dismissed by sporting courts as impossible to prove.
EXOR, the holding company of the Agnelli family, have fielded economist Gianluca Ferrero as the person best qualified to handle this crisis for his experience, technical competence and passion towards the black and whites.
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This is not the only upheaval in Italian sport this week as Scuderia Ferrari president Mattia Binotto resigned from the F1 team after a poor track record filled with strategic errors and mechanical failures continued to plague the sport’s oldest team.
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