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Tuesday, January 31, 2023
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Juventus board resigns after suffering €254.3 million loss

The entire board of the Italian football club Juventus has resigned. This includes Andrea Agnelli, who is the president of the club. They all resigned on Monday. Last season, the Serie A club finished fourth in the league and they suffered a €254.3 million loss. 

That amount of loss is considered as a record for an Italian football club. Now, an investigation has opened into the club’s transfer. The investigation was launched just this month and the club stated that they are working together with the police in this investigation. 

The case is focusing on 2019 and 2021 regarding “revenues from player registration rights.”  Those under investigation included Agnelli and vice-president Pavel Nedved, who is also stepping down.

According to the statement regarding the massive resignation, “having considered the centrality and relevance of pending legal and accounting issues.”

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Adding to the statement, “considered it to be in the best social interest to recommend that Juventus equip itself with a new board of directors to address these issues.” 

The Spanish league lodged an official complaint to Uefa against Juventus in April. They had similar complaints about Manchester City and Paris Saint-Germain. Now, the managing director Maurizio Arrivabene will remain in his position in the interim while a new board is formed. 

Exor, Juventus’ holding company, has proposed Gianluca Ferrero, a corporate adviser, auditor, and board member of several companies, to replace Agnelli. 

Furthermore, according to the Financial Times, the club’s shares have dropped after the announcement of the board resignation. The shares fell by six percent after this whole debacle and its 40% down when compared to last year. 

It was stated that the group raised €400 million among the shareholders last year. They have lost more than €500 million due to the Covid-19 pandemic. This has left the club bleeding dry for money. 

Fans reaction to Juventus board’s sudden resignation 

 

Anti-Ronaldo fans joked that he made the club lose all this money, which makes no sense at all. Messi fans went all out attacking the former Juventus player, who is now in the process of leaving Manchester United. The wild irony of these users are amazing. 

Other fans stated that Manchester United’s board of directors should also resign, just like their peers at Juventus. Another fan stated “Juventus, doing shady stuff as usual.” 

 

Another fan posted a meme claiming that Juventus might go down to Serie B. The tweet went wild and gained a lot of traction. The discussion of the board resigning and the losses that were not reported could probably lead the club to downgrade. 

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