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Juventus of Turin sinks into crisis after the resignation of its entire board of directors

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Already plunged into serious sporting, financial and legal problems, Juventus of Turin is sinking a little more into the crisis. The Italian club announced on Monday, November 28, the resignation of all the members of its board of directors, including its president Andrea Agnelli. This decision follows the investigations carried out by the Italian justice for more than a year, which directly implicate the leaders of Juve.

The Italian police’s financial brigade had raided the club’s offices in November 2021, as part of an investigation into the movements of players over the past three seasons, and the way in which the annual financial results were presented between 2019 and 2021.

“Fictional” capital gains

The Turin public prosecutor’s office is also interested in “false exchanges” of players that Juve would have practiced: cross-selling with other clubs, without exchanging money but allowing capital gains to be recorded in the balance sheets. The magistrates quantified these capital gains “fictitious” to some 155 million euros between 2018 and 2021.

The club, listed on the stock exchange, would also have hidden from its investors the existence of private agreements with players, including Portuguese star striker Cristiano Ronaldo. This practice would have enabled him to pay certain wages on a deferred basis.

Read also: Juventus under investigation over questionable transfers

In the red for five years

In addition to these legal setbacks, there are unprecedented financial problems for a club of this size. In the red for the past five years, the club recorded losses of 255 million euros last season. A record deficit in Italian football.

The old lady “ was also eliminated from the group stages of the Champions League this year. This premature exit from the competition generates a shortfall of some 20 million euros, according to the Calcio e Finanza site.

Read also Football: Cristiano Ronaldo returns to Manchester United

General manager Maurizio Arrivabene has been tasked with staying in place and handling day-to-day business until a new board is formed, the club said. The next general meeting is scheduled for January 18, 2023.

The World with AFP

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