Juventus owners propose Gianluca Ferrero to replace Andrea Agnelli as chairman

The owner of Juventus put forward its candidate to be the new chairman Tuesday, after the entire board at the Italian Serie A club resigned over a probe into allegations of false accounting.

“Exor communicates that it will indicate Gianluca Ferrero for the role of chairman of Juventus,” after former chairman Andrea Agnelli and the rest of the board stepped down en masse Monday, the company said in a statement.

The board had sought independent legal advice over an ongoing investigation by prosecutors in Turin into allegations of false accounting and irregularities in the transfer and loans of players.

Ferrero, a corporate adviser, auditor and board member of a number of companies, would take over at a tricky time for the Turin giants.

Exor, which owns 63.8 percent of the capital of Juventus, said Ferrero has “significant experience and the required technical competencies”.

With a “genuine passion for the bianconero club”, he was “the person most qualified to fulfil this role,” it said.

Prosecutors are investigating the possibility that Juve, who are listed on the Italian stock exchange, presented false accounting information to investors and produced invoices for non-existent transactions over that period.

The club said Monday the outgoing board felt it was “in the best social interest to recommend that Juventus equip itself with a new board of directors to address these issues”.

Shares in the club fell almost five percent on the Milan Stock Exchange on Tuesday morning, and were worth 0.265 euros at around 09:40 am (0840 GMT).