Juventus is mired in a crisis… administrative, economic and sporting
Juventus, the Italian football club, is entering a new phase of its deep administrative crisis, accompanied by a sporting crisis, when the board of shareholders on Tuesday approved the disastrous financial results of the Turin giant, a few weeks before the start of the mandate of the new board of directors, which will take over after the resignation of president Andrea Agnelli and his team.
For the fifth year in a row, the club board of shareholders approves the accounts of the continuous deficit, which in terms of financial loss exceeds 200 million euros for the second season in a row: 239.3 million euros for the fiscal year 2021-2022. after 226.8. million euros for the previous season.
And after being postponed twice, this general meeting of shareholders is being held in a gloomy atmosphere and without a board of directors after the collective resignation that took place on November 28 and included Agnelli and his deputy, former Czech star Pavel Nedved, “after considering the central location and importance of outstanding legal and accounting issues,” related to the investigation. The club is currently open.
Juventus is entering a new era after its owners nominated Gianluca Ferrer as the new president to succeed Agnelli, coinciding with an investigation into allegations of fraudulent accounting and other problems.
Since last year, the public prosecutor in Turin has launched an investigation into allegations of false accounting and irregularities in player transfers and loans.
Ferrero, a consultant, auditor and board member in numerous companies, will come to the helm at a difficult time for the Turin giant.
Exor, which owns 63.8 percent of Juventus’ capital, said Ferrero has “great experience and the necessary technical competence”, adding that with “his true passion for the Bianconeri club” he is “the person most qualified to take on this role.”
Prosecutors are investigating whether Juventus, which is listed on the Italian stock exchange, provided investors with false financing information and invoices for non-existent transactions.
And Juventus, in a statement on the resignation of Agnelli and his entire board of directors, indicated that the latter saw “it is in the best social interest to recommend that Juventus be equipped with a new board of directors to address these issues.”
“We better go together.”
Agnelli, who comes from one of the most powerful and richest families in Italy, has been in charge of Juventus since 2010, knowing that his father Umberto and uncle Jani were previously presidents.
Andrea took over after a dark period in the history of the “Old Lady” due to the “Calciopoli” match-fixing scandal.
They were stripped of two league titles (2005 and 2006) and were relegated to the second division, but soon returned in the 2006-2007 season.
But with Agnelli (46) at the helm, the glory days returned. The Turin giants won the league title nine years in a row between 2012 and 2020 and reached the Champions League final in 2015 and 2017.
And the Italian press indicated that Agnelli sent a moving message to the club’s employees: “When the team is not united… it can be fatal. At this point you have to be clear and contain the damage.”
He continued: “We are facing sensitive times in the company and cohesion has failed. It is best that we all leave together and give the new team a chance to turn things around.”
“It doesn’t change anything for the team’s goals.”
And the year 2023, which marks the centenary of the Agnelli family’s takeover, will not be as festive as hoped for a club mired in crisis.
In addition to the court investigation into its accounts, the club was also targeted by the Italian stock market police, the Italian Football Association and the European Football Association, which 18 months ago entered into an open battle with the Turin giant over the background of the Superliga’s separation from the European Champions League.
Juventus also faces problems with the Confederation over compliance with the rules of financial fair play in order to achieve a balance between income and spending.
Juventus saw its business figures fall by around 8 percent last season, largely due to a drop in television revenue, despite the reopening of stadiums (which are still partial) after the outbreak of the Corona pandemic subsided.
Last season was disastrous for Juventus in terms of sporting results as well, because for the first time since 2011 they did not win any title, which increases the scale of their problems and the weight of the task of the new management that will be officially appointed on January 18.
In light of the current situation, the task of the new management will be both financial and sporting recovery, and Agnelli, who is still at the team’s training and waiting for the official acceptance of the task from his successor, confirms that what happened “does not change anything in terms of goals team”, who continues his career with coach Massimiliano. Despite the disappointment of being eliminated from the group stage of the Champions League, Allegri was 10 points behind the leader Napoli in the domestic championship after 15 games.
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