Juventus: Italian club shares fall following the resignation of the board of directors.

Focus on Qatar 2022

The cameras are focused on Qatar 2022, however, some news has worried Juventus fans. President Andrea Agnelli and the entire board of directors of the Italian club resigned last Monday amid an investigation into alleged accounting irregularities. One day later, that decision has brought serious consequences.

The sports institution's shares fell nearly 5% on Tuesday on the Milan Stock Exchange. They also plunged 4.94%, to 0.265 euros, after losing more than 7% shortly after the opening in a market that rose 0.23%, according to AFP.

As is known, the former president sent a letter to all employees announcing their resignation from the club. "We are facing a delicate moment as a company and unity has failed (...) It is better to leave together, giving the possibility to a new team to turn that game," it reads.

Now, CEO Maurizio Arrivabene will be in charge of resolving daily matters until a new board is established. Likewise, Exor, the Agnelli family's holding company, appointed accounting expert Gianluca Ferrero as the new president on Tuesday.

It is important to mention that both Agnelli, former vice president Pavel Nedved, and former executive Maurizio Arrivabene are being investigated by the Turin Prosecutor's Office. The Italian club would have imbalances in its money with movements of millions of euros, and the mentioned individuals could go to trial for false accounting and irregularities in player transfers.