The board members of Juventus F.C. resigned en masse on Monday. The list of those who resigned includes president Andrea Agnelli and vice president Pavel Nedved.

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The resignation is in the backdrop of an year-long investigation in Turin, where charges of “false accounting and irregularities” have been examined, as reported by Sportstar. 

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The investigation was reportedly initiated after the Serie A giants announced pay-cut for players during the corona period with their consensus. The prosecution has alleged that while the players were asked to let go of 4 months of the wages, they had to give up lesser than that, with Juventus paying the rest in black and making profit through the white transactions.

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CONSOB, the government authority for regulating Italian securities market, asked the club for details on the accounts and this is widely believed to have triggered the mass resignations witnessed recently .  The findings of the prosecution would be reportedly given to the FIGC (Italian football federation) which could then take suitable action including the ban of a club, depending on the nature and magnitude of the offense.

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As per an official statement by Juventus on Monday, the board of directors resigned ” having considered the centrality and relevance of pending legal and accounting issues”. It further added, ” (they) considered (it) to be in the best social interest to recommend that Juventus equip itself with a new board of directors to address these issues”, the statement read as reported by Sportstar.

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Andrea Agnelli, who had been president of the club for 12 years, has stepped down. Former player and vice president Pavel Nedved has also stepped down after a tenure of 7 years in the post. Maurizio Scanavino has taken over as general manager of the team.

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Managing director Maurizio Arrivabene, who came to the club after being with the Formula One team Scuderia Ferrari, will continue to be in the post for an interim period.