- Prosecutors looked closely into Juventus’ financial statements.
- The resigned board will reiterate its financial statements
- On January 18, Juventus has scheduled a shareholder meeting.
Juventus released a statement announcing the resignation of its board of directors, which included vice-president Pavel Nedved and president Andrea Agnelli.
Juventus’ financial statements were examined by Italian market regulator Consob and Italian prosecutors for possible false accounting and market manipulation prior to the resignation. The company, though, had denied any wrongdoing.
The Italian club reported that during a meeting to review the matter, the directors decided that a new board would be the best choice to address it given “the relevance of the pending legal and technical/accounting matters.”
The now-resigned board also stated that its financial statements for the fiscal year ending in June 2022 would need to be restated. Exor EXOR.AS, the holding company for the Agnelli family, which owns a company, urged CEO Maurizio Arrivabene to maintain in his position and named Maurizio Scanavino general manager.
Juventus stated that in order to elect a new board, it had summoned a shareholder meeting for January 18. In the meantime, Reuters reported that Andrea Agnelli, who had held the position since 2010, would not reapply.
The company’s situation, according to Agnelli in a letter to Juventus employees, is “delicate,” and he added: “When the team is not cohesive, it becomes vulnerable and that can be fatal.”
“This is when you need to keep calm and contain damages: the company is going through a delicate phase and we’re no longer cohesive. Better to quit all together, giving the chance to a new team to turn the game around.”
In the Seria A club Juventus made a 220 million pound loss last season, a record in Italy, and finished fourth in the league. The team was eliminated from the group stage of the Champions League and dropped into the Europa League.