John Elkann, who chairs Exor, the holding that controls Juventus, addressed the legal troubles of the club and the resignations of the board of directors in a letter to the shareholders (via Sky).
“The club had to deal with increasing internal and external difficulties in 2022, which put it to test. It was in the red by €239M and, for the first time since 2011, it didn’t win a trophy. The board met 18 times last season to handle the allegations. The level of pressure raised to the point that they stepped down to allow the team to better protect itself against accusations that range from financial misconduct to false communications about transfer market moves and agreements with the players on wages. Juventus deny any illicit.”
Elkann weighed on Andrea Agnelli and the new officials.
“I wish to thank him and the previous board members for acting responsibly. He led the side through a phase rich in changes and victories. The outfit has a new president now, Gianluca Ferrero, and a new CEO, Maurizio Scanavino, who also helms our media company Gedi, which he’s successfully relaunching. They got off to a good start and will help Juventus cope with their present challenges, protecting the club’s reputation so it could come out stronger on and off the pitch.”
Elkann took stock of the football landscape.
“The rest of Europe can’t keep up with the growing economic power of the Premier League. By the end of this season, their revenue will triple Serie A’s one. Chelsea on its own spent more than the Italian, French, German, and Spanish championships combined in January.”
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