President Andrea Agnelli and the entire Board of directors at Juventus have resigned following an extraordinary meeting at the Serie A club.
Agnelli, who was named board chairman in 2010, resigns from the Italian giants as the police are investigating them for “salary machinations” involving the 2019–2021 fiscal years.
Former Juventus midfielder and vice-president Pavel Nedved is also leaving the organization.
Juventus Official Statement
In a statement, Juventus said: “Furthermore, the Board of Directors members thought it in the Company’s best interest that Juventus provided itself with a new Board of Directors to solve the pending legal and technical/accounting concerns.”
“All of the Board of Directors members present at the meeting declared to resign from their positions for this reason, on the chairman Andrea Agnelli’s suggestion, and to allow the decision for the renewal of the Board to be put to the shareholders’ meeting as soon as feasible.”
“For the same reasons, each of the three directors with authority (the Chief Executive Officer Maurizio Arrivabene, Vice Chairman Pavel Nedved, and Chairman of the Board of Directors Andrea Agnelli) has deemed it right to renounce the authority assigned to them.”
In the upcoming months, a new board will be assembled, and while that Board is being made, chief executive officer Maurizio Arrivabene will serve in an interim capacity.
BREAKING: The entire Juventus board, including president Andrea Agnelli, has resigned. pic.twitter.com/qTYVaf3Nek
— Sky Sports News (@SkySportsNews) November 28, 2022
Why is the Juventus board under investigation?
Juve, traded on the Italian stock exchange, is under investigation for allegedly giving investors incorrect accounting information and generating invoices for fictitious transactions.
After a police inquiry into the club’s moves was started in November of last year, Juventus declared that they were cooperating with authorities.
Between 2019 and 2021, “revenues from player registration rights” were the subject of the investigation.
According to journalist Romeo Agresti, the resignations were decided upon at an emergency meeting convened at the club. Rai Sport and Sky Italia claimed that the meeting occurred earlier today.
This Juventus story is extraordinary. The timing, the abruptness. This is the ultimate reset button. At the end of the day, Juve are a publicly traded company (down nearly 65% last 5 yrs) and have had this accounting irregularity investigation hanging over them. What’s next?
— Matteo Bonetti (@Bonetti) November 28, 2022
Andrea Agnelli’s emotional farewell letter
Agnelli said everyone at Juventus farewell in an emotional letter to the club’s staff, aiming to make an implicit statement about the reasons for his departure.
“All of you, One goal: to win,” the letter, as it was made public by Sky Sport, states. “Playing for Juventus, working for Juventus.”
“Anyone who works or plays for Juventus, one of the biggest clubs in the world, is aware that the team’s efforts contribute to the final product. Team members know that hard work will always prevail if talent doesn’t put in hard work. Everyone who has the honor of donning the black and white shirt is mindful of this.”
“It can be deadly when a team is not cohesive since it offers its side to the opposition. You must remain calm and contain the damage at such time because the situation is problematic from a company standpoint, and compactness has failed.”
“It is preferable to keep everyone together if a new formation can shift the tide of the match. The words of Friedrich Nietzsche, “And those who were seen dancing were
supposed to be insane by those who could not hear the music,” will encourage me to keep imagining and working toward a better football.”
“Remember, we will recognize each other at a glance: We are the people of Juve!”