Juventus Turin shares plunged nearly 5% on the Milan Stock Exchange on Tuesday, the day after the resignation of its board of directors. Gianluca Ferrero proposes himself as president.
At around 9:40am (8:40am GMT), Juve shares fell 4.94% to €0.265, after losing more than 7% shortly after opening, in a market up 0.23%. All members of the Juventus Turin board of directors, including chairman Andrea Agnelli, tendered their resignations on Monday, as the Italian club is plagued by sporting, financial and legal problems. “to resign, “considering the centrality and relevance of the pending legal and technical-accounting issues”, an allusion to an investigation that the Italian justice system has been carrying out for more than a year. General manager Maurizio Arrivabene has been instructed to remain in his place and manage day-to-day operations until a new board is formed, the club said.
The Juventus patron proposes Gianluca Ferrero as president
“Exor (the holding that controls the Turin team, ed.) announces that it will recommend Gianluca Ferrero as president of Juventus”, a legendary club in the Italian league, the company owned by the Agnelli family said in a statement. This announcement comes less than 24 hours after the ‘Old Lady’s board of directors resigned en masse.
Exor, which holds 63.8% of the capital of Juventus, ensures that Ferrero has “the considerable experience and technical skills necessary” to lead Juve, qualities to which must be added his “passion for the Juventus club”, which makes “the most qualified person to fill this role”. Corporate consultant, statutory auditor and member of the board of directors of various companies, Ferrero must take over at a more than delicate moment.
Fictitious capital gains
The outgoing panel had requested an independent legal opinion on an investigation that had been underway for more than a year by the Turin prosecutor’s office into allegations of false accounting and irregularities in the sale and loan of players. The prosecutor is investigating the possibility that Juve, which is listed on the Italian stock exchange, presented false accounting information to investors and produced invoices for transactions that did not exist during this period.
The Turin prosecutor’s office is interested in the practice, which Juve has multiplied, of “false exchanges” of players: cross-sales with other clubs, without the exchange of money but allowing capital gains to be recorded in the balance sheet. Magistrates have calculated these “fictitious” capital gains at around 155 million euros between 2018 and 2021, according to media reports. Adding to these legal setbacks are financial problems.
The club, which has been in the red for five years, recorded 255 million euros in losses last season, a record deficit in Italian football.
The next general meeting of the Turin club is set for January 18th.
At around 9:40am (8:40am GMT), Juve shares fell 4.94% to €0.265, after losing more than 7% shortly after opening, in a market up 0.23%. All members of the Juventus Turin board of directors, including chairman Andrea Agnelli, tendered their resignations on Monday, as the Italian club is plagued by sporting, financial and legal problems. “to resign, “considering the centrality and relevance of the pending legal and technical-accounting issues”, an allusion to an investigation that the Italian justice system has been carrying out for more than a year. The general manager, Maurizio Arrivabene, has the task of remaining in office and managing day-to-day affairs until a new board is formed, explains the club: “Exor (the holding that controls Torino, ed.) communicates that” Gianluca Ferrero will recommend as president of Juventus, a legendary club in the Italian championship, the company owned by the Agnelli family said in a statement. This announcement comes less than 24 hours after the en bloc resignation of the board of directors of the “Old Lady”. Exor, which holds 63.8% of the capital of Juventus, assures that Ferrero has “the considerable experience and technical skills necessary” to lead Juve, qualities to which must be added his “passion for the Juventus club”, which makes him “the most qualified person to fill this role”. Corporate consultant, statutory auditor and member of the board of directors of various companies, Ferrero must take over at a more than delicate moment of the year to the Turin prosecutor’s office for allegations of false accounting and irregularities in the sale and loan of players. The prosecutor is investigating the possibility that Juve, which is listed on the Italian stock exchange, presented false accounting information to investors and produced invoices for transactions that did not exist during this period. The Turin Public Prosecutor’s Office is interested in the practice, which Juve has multiplied, of “false exchanges” of players: cross-selling with other clubs, without exchanging money but allowing capital gains to be recorded in the balance sheet. Magistrates have calculated these “fictitious” capital gains at around 155 million euros between 2018 and 2021, according to media reports. Adding to these legal setbacks are financial problems. The club, which has been in the red for five years, recorded losses of 255 million euros last season, a record deficit in Italian football. The next meeting of the Turin club is set for 18 January.
