On Monday, 28th November, Juventus fans were taken by surprise as well as shock. The entire board, along with the President and the Vice-President, resigned before the General Assembly scheduled in December 2022. The resignations were in response to investigations undergoing regarding faulty balance sheets. However, Juventus’ former president feels Cristiano Ronaldo could be a reason behind the start of the drama at the club.

To add to the woes of the club, UEFA has opened a separate investigation against the club for Financial Fair Play (FFP) and Club Licensing breaches. Former Juventus President Cobolli Gigli has speculated the arrival of Cristiano Ronaldo at the club has started it all.

Juventus Board resigns before Annual General Assembly

The resignations started with Juventus President Andrea Agnelli. Juventus legend Pavel Nedved and the current Vice-President soon followed the suit and resigned with complete Board. However, CEO, Maurizio Arrivabene was told to hold his position and not resign from the post.

The resignations were in response to an investigation by CONSOB (the control body of the Stock Exchange) over the faulty balance sheets produced by the club. In their opinion, the statements were maneuvered in order to balance the books. Additionally, the Turin Prosecutor is also investigating the club over the deferred salaries of the players during the Covid pandemic.

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Meanwhile, UEFA has opened a separate inquiry after the ongoing investigations by CONSOB and the Turin Prosecutor made the details public. UEFA’s statement read that the Club Financial Control Body(CFCB) First Chamber has opened a formal investigation into Juventus FC for potential breaches of the Club Licensing and Financial Fair Play regulations.

Some reports from Italy state that the current situation and its outcome might be as severe as that of 2006. In 2006, the club was relegated to the second division after they were found guilty of a match-fixing offense. Although they returned to the first division in the 2007-08 season. They went on to win nine consecutive scudetto from the 2011-12 season to the 2019-20 season.

Claims of former President around the transfer of Cristiano Ronaldo

Cobolli Gigli, the former president who took over Juventus in 2006, thinks Cristiano Ronaldo’s transfer is the big reason behind the ongoing saga. The numbers involved in the transfer with other big decisions have pushed the club into a financial mess.

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Gigli said, “Agnelli was talked into signing Ronaldo because it would bring enormous marketing revenue and get Juve closer to the Champions League. However, Marotta did not agree with that at all and he stepped aside. Afterward, the investment in Ronaldo proved to be too expensive.”

“Meanwhile, Fabio Paratici, who had pushed for the CR7 signing, also got Juve into more investments that weighed on the balance sheet and put the club in trouble. It’s no coincidence that they had to raise €700m in fresh capital… Meanwhile more mistakes, like hiring Maurizio Sarri, and slip-ups like the Luis Suarez Italian citizenship test, or the Super League project. There must’ve been a big change in Agnelli’s outlook.”

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It will be interesting to see how things pan out for Juventus once the investigation concludes. The club that is involved in the breakaway Super League is in dark about its future amidst the investigation. Only time will tell whether the punishment will be as severe as the one in 2006 or not. Let us know your thoughts on the same.