Football Juventus Chairman Agnelli Resigns With Entire Board
3 min read
MILAN – The board of Juventus, chaired by Andrea Agnelli, has resigned “in the best interest of the company,” the A Serie A team from Italy stated on Monday.
The collective resignation follows a recent investigation into Juventus’ financial statements by Italian market regulator Consob and Italian prosecutors for alleged false accounting and market manipulation. The business had refuted any wrongdoing.
According to the team, a revision was made to the estimates of accrual charges as of the ends of June 2020, June 2021, and June 2022 as a result of the review of so-called salary maneuvers. The team added that its balance sheets had been revised; shareholders will approve them on December 27.
Juventus said its directors had discussed the issue at a meeting on Monday and concluded it would be best addressed by a new board, given “the relevance of the pending legal and technical/accounting matters.”
It was added that the financial statements for the fiscal year that ended in June 2022 would need to be restarted.
The business, which is governed by the holding company Exor owned by the Agnelli family, announced that it had asked CEO Maurizio Arrivabene to stay in his position and had named Maurizio Scanavino as general manager in his place of him.
Most of the properties owned by the Agnelli family, who founded Fiat SpA nearly 125 years ago, are managed by the holding company Exor NV.
It is the largest individual shareholder in Stellantis NV and controls other companies like Ferrari NV, CNH Industrial NV, and media publisher The Economist Group Ltd.
Since 1923, the Agnelli family has owned and managed Juventus, also known as Juve, through Exor, which is run by John Elkann.
Juventus announced that a shareholder meeting had been called for January 18 to elect a new board.
According to a source with knowledge of the situation, Agnelli, who has served as Juventus’ chairman since 2010, won’t seek re-election.
In a letter to Juventus staff seen by Reuters, Agnelli described the company situation as “delicate.”
“When the team is not cohesive it becomes vulnerable and that can be fatal,” he wrote.
“The company is going through a sensitive phase, and we’re no longer cohesive, so this is the time to maintain composure and limit the damage. It would be better to give up completely and give a different team the chance to win.”
Since 2010, Juventus won nine consecutive Italian top league titles, also known as “Scudetti,” under the leadership of Agnelli. In 2021, Agnelli was one of the leading architects of the so-called European Super League, a project that crumbled just days after its launch as teams pulled out after drawing ire from fans, politicians, and sports officials
Juventus is currently ranked third in Serie A, behind Napoli and AC Milan. The Turin-based team announced its largest loss in Serie A history in September: €254 million (S$362 million).
Reference: https://www.straitstimes.com/sport/football/football-juventus-chairman-agnelli-resigns-with-entire-board
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