Juventus released a statement on Monday announcing the resignation of its entire board of directors, including vice president Pavel Nedved and president Andrea Agnelli.
In relation to a current investigation by prosecutors in Turin into claims of false accounting and irregularities in player transfers and loans, the board had sought independent legal assistance.
The club claimed that the resignation was due to “new legal and accounting views” from professionals and “the importance and relevance of the pending legal and technical/accounting concerns.”
Agnelli’s chapter as chairman of Juventus, during which time the club won nine consecutive Serie A championships and advanced to the 2015 and 2017 Champions League finals has come to an end.
Additionally, he was a devoted admirer of the European Super League. Manchester United and Liverpool, two additional teams interested in joining, are currently for sale.
But in the commissions’ case, he faces legal troubles alongside more than a dozen other parties.
Juve is under investigation for 282 million euros ($319 million) in capital gains from a number of player transactions that were recorded in their financial records for 2019, 2020, and 2021. Capital gains are the positive difference between purchase and sale values net of amortization and write-downs.
Juve, which is traded on the Italian stock exchange, may have misled investors and generated invoices for transactions that never happened during the time period under investigation by prosecutors in Turin.
In order to resolve these challenges, the departing board “thought (it) to be in the highest social interest to recommend that Juventus equip itself with a new Board of Directors,” the club said.
The Turin giants’ managing director, Maurizio Arrivabene, was asked to remain on for a temporary term so that a new board could be put together, the club stated.
After that, on January 18, shareholders will meet once more to elect the new board, it stated.