After the resignation of the entire Juventus board on November 28, the Bianconeri are also facing greater losses in revenue. The club is being investigated for financial fraud by CONSOB – the Italian government authority which regulates the Italian stock market – and it is at risk of receiving heavy penalties for their alleged activities.
According to La Stampa, Juventus corrected a balance sheet of €254 million in losses and the club is awaiting the approval of shareholders on December 27 to finalise the report. Previously, the meeting had been postponed on October 28 and then again on November 23.
In addition to dealing with the financial scandal, it was also decided by the Bianconeri board to step down so the club would not risk any further losses in revenue.
Meanwhile, the Turin Public Prosecutor’s Office has closed their investigation into the suspicious capital gains of recent years and the disputed ‘salary manoeuvre’ with 16 people under investigation, including former Juve chairman Andrea Agnelli and the main executives.
Ferrero will have mammoth task reviving Juventus
Juventus are expected to appoint Gianluca Ferrero as the new president on January 18, 2023 and he and the new board will have a demanding task to rebuild the club through a potentially dark period for the Italian giants. If the Bianconeri are found guilty of their alleged financial crimes, they could face a points deduction or get relegated to Serie B.
Unfortunately, Juventus are no strangers to controversy after their involvement in the 2006 Calciopoli scandal, which saw them relegated to Serie B for the first time in their history and started their 2006/07 campaign with a nine-point penalty.
La Vecchia Signora remarkably bounced back and experienced a golden age in their history, winning nine consecutive Serie A titles from 2012 until 2020, but now they face a challenge that could jeopardise their status in Italy’s top flight.
For Ferrero and the future Juventus board, this uphill battle will require him to ensure that the books can be in order, find new revenue income streams for the Bianconeri, and rebuild the image of a football giant whose image has been tarnished once again.
