Juventus is mired in crises... administratively, economically and athletically

Juventus, the Italian football club, enters a new phase of its deep administrative crisis, accompanied by a sports crisis as well, when the board of shareholders approves on Tuesday the disastrous financial results of the Turin giants, a few weeks before the start of the term of the new board of directors, which will take over after the resignation of President Andrea Agnelli and his team.

The club’s board of shareholders approves the accounts of the continuous deficit for the fifth year in a row, 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.

After being postponed twice, this general meeting of shareholders is held in a gloomy atmosphere and without the board of directors after the collective resignation that took place on November 28 and included Agnelli and his deputy, the former Czech star Pavel Nedved, "after he considered the centrality and importance of the pending legal and accounting issues," in reference to the investigation. The club is currently open.

Juventus enters a new era after its owners nominated Gianluca Ferrero for the position of new president to succeed Agnelli, coinciding with the investigation into allegations of false accounting and other problems.

Since last year, the public prosecutor in Turin has launched an investigation into allegations of false accounting and irregularities in the transfer and loan of players.

Ferrero, an advisor, auditor and member of the board of directors in a number of companies, will take charge at a difficult time for the Turin giant.

"Exor", which owns 63.8 percent of Juventus' capital, said that Ferrero has "great experience and the required technical competencies," and added that with "his true passion for the Bianconeri club," he was "the person most qualified to assume 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 indicated in a statement of the resignation of Agnelli and his entire board of directors that the latter saw “it is in the best social interest to recommend that Juventus equip itself with a new board of directors to address these issues.”

"We'd better leave together."

Agnelli, who comes from one of the most powerful and richest families in Italy, has presided over Juventus since 2010, knowing that his father, Umberto, and uncle Jani had previously held the position of president.

Andrea took charge after a dark period in the history of the “Old Lady” due to the “Calciopoli” scandal to arrange the results of the matches.

They were stripped of two league titles (2005 and 2006) and relegated to the Second Division but soon made a comeback in the 2006-2007 season.

However, headed by Agnelli, 46, the glory days are back.

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 touching message to the club's employees, "When the team is not cohesive ... this can be fatal. At this point, you must be clear and contain the damage."

He continued, "We are facing sensitive moments in the company, and cohesion has failed. It is best for everyone to leave together and give a chance to a new team 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 seizure of power, will be far from being as festive as hoped for a club mired in its crisis.

In addition to the judicial investigation into his accounts, the club also finds itself in the crosshairs of the Italian Stock Exchange police, the Italian Football Association, and the European Football Association, which 18 months ago entered into an open battle with the Turin giants over the background of the dissenting Super League from the European Champions League.

Juventus is also facing problems with the Confederation over compliance with the rules of fair financial play aimed at achieving a balance between revenue and spending.

Juventus recorded a decline in its business numbers by approximately 8 percent last season, mainly due to a decrease in television revenues, despite the reopening of the 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, as it failed to win any title for the first time since 2011, which increases the size of its troubles and increases the difficulty of the task of the new administration, which will be officially appointed on January 18.

In light of the current situation, the task of the new administration will be to reach financial and sports recovery alike, with Agnelli, who is still in the team’s training grounds awaiting his successor’s official receipt of the task, confirming that what happened “does not change anything with regard to the team’s goals,” who continues his career with coach Massimiliano. Allegri, despite the disappointment of being knocked out of the group stage of the Champions League, was 10 points behind leaders Napoli in the domestic league after 15 stages.

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