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Juventus FC, Italy’s most successful soccer club, found itself in further turmoil Monday after the resignation of its entire board of directors, including chairman Andrea Agnelli.
Juventus has won Serie A 36 times, a record.
The move comes as prosecutors and the Italian market regulator Consob probe the club for alleged financial irregularities between 2018 and 2020.
Prosecutors have been investigating whether Juventus cashed in on illegal commissions from transfers and loans of players. They are also exploring if investors were misled with invoices being issued for non-existent transactions to demonstrate income that, in turn, could be deemed false accounting.
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While sports authorities initially dropped their inquiry into Juventus’ alleged false accounting, the Italian soccer federation prosecutor has since requested documentation from Turin authorities leading the investigation, meaning Juventus could risk being penalized points in Serie A.
The team is 10 points behind Napoli in the league, and it exited the Champions League in humiliating fashion, accruing only three points in six matches.
A shadow now lingers over the Agnelli era, which has proven to be one of the club’s most successful.
When Agnelli took over from Giovanni Cobolli Gigli in 2010, the team had finished in seventh place in Serie A the previous season. In the intervening years, Juventus won the title nine consecutive times, moved into its new stadium in Turin and reached the Champions League final twice.
Juventus’ recent troubles call to mind the disastrous refereeing scandal, Calciopoli, which in 2006 saw the Italian giant stripped of two Serie A titles and demoted to Serie B.
A statement by Juventus explained that “given the centrality and the relevance of the pending legal and technical/accounting matters, [the members of the board] considered in the best interest of the Company that Juventus provided itself with a new Board of Directors to address these matters.”
The statement also denies any wrongdoing.
Calls for action against Juventus have been swift from some corners. La Liga, which has strict financial fair play rules, released a statement demanding UEFA respond to Juventus’ financial dealings.
“As part of its campaign to promote financially sustainable football in Europe, La Liga continues to pursue these complaints against Juventus and demands immediate sporting sanctions to be applied on the club by the relevant authorities,” the statement said.
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La Liga President Javier Tebas has frequently criticized the Italian club, along with Barcelona and Real Madrid, for their continued involvement in the development of a European Super League, which seeks to supplant the Champions League.
Juventus’ parent company, Exor, which also owns stakes in Ferrari and The Economist Group, announced that accountant Gianluca Ferrero would take over as chairman.
Maurizio Scanavino, CEO of privately-held media group GEDI which is also owned by Exor, was appointed as general manager, while Juventus CEO Maurizio Arrivabene will keep his position on a temporary basis.
According to the Turin newspaper La Stampa, Exor’s CEO John Elkann explained that “the resignation of the Juventus Board of Directors represents an act of responsibility, putting the interests of the Company first.” Elkann is the grandson and appointed heir of Gianni Agnelli, the family’s patriarch.
He also threw his support behind Juventus’ current manager Massimiliano Allegri, who was instrumental to Juventus’ success during his first stint with the club.
The shakeup at Juventus comes shortly before Elkann’s annual presentation to Exor investors on Wednesday.
The company’s other flagship sports holding, the Ferrari Formula One team, announced its own shakeup Tuesday, parting ways with team principal Mattia Binotto.
The Associated Press and Reuters contributed to this report.
