SportsJuventus Board Resigns As Fraud Investigation Into Club Finances Concludes

Juventus Board Resigns As Fraud Investigation Into Club Finances Concludes

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November 29, (THEWILL) – The resignation of the entire board of directors has now been officially announced by the Italian club.

Their resignation is believed to have been prompted by the ongoing inquiry into Juventus’ finances, according to reports and the team’s statement.

Although the “plusvalenza” case, which sporting courts rejected earlier this year as being difficult to prove, is not the subject of the current investigation, the board is instead being targeted for common financial fraud, which is far simpler to prove. The news comes as the prosecutor in Turin’s inquiry into alleged dishonest accounting during the pandemic draws to a conclusion.

The club asserted that the players forfeited four months’ salary during the height of the lockdown to assist the club in balancing its accounts. However, according to the prosecutor’s office, Juve claimed the full amount on their financial statements while essentially paying the players the remaining sum under the table.

In reality, the players allegedly gave up much less than that. With the way the club played it, both sides would have been able to avoid taxes while also allowing the club to present balanced books. As a publicly traded company that Juve is, this ploy would also have had an impact on the price of their stock.

Given that player prices may increase in the future, this infraction is much more demonstrable, especially in light of Juventus’ status as a publicly traded company. In fact, the resignations appear to have been ultimately brought on by a CONSOB (the organisation that regulates activities on the Italian stock market) request for an explanation of the team’s records.

The board decided to delay the shareholders’ meeting, which was originally set for last week, until the end of December as a result of that request. The date of the meeting has now been moved up once more to January.

Following an “extraordinary board meeting” on Monday night, the entire Juventus board of directors opted to resign immediately. Andrea Agnelli, the club’s president, and vice president, Pavel Nedved, are both out as a result, ending Agnelli’s more than ten-year reign as president of the club, which his family has owned for decades.

The same is true for Maurizio Arrivabene, who was hired to restore stability following the departure of Fabio Paratici, the then-Director of Football, two years ago. However, Arrivabene is anticipated to continue working throughout the transition. Over the coming months, a new Juventus board of directors and “a new club structure” will be appointed.

About the Author

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Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.

Jude Obafemi, THEWILLhttps://thewillnews.com
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.

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