In the best interests of the company, the entire board resigned Monday.
Andrea Agnelli served as president of Juventus for 12 consecutive years, during which the club suffered record losses.
The Serie A club denies wrongdoing, but faces indictment.
It stated that the public prosecutors’ claims did not appear to have been substantiated: “The accounting approach adopted in the contested financial statement falls within the allowed accounting principles.”
The statement concluded that Juventus FC “remains convinced it has always acted rightly” and stated that it intends to assert its motives and defend its corporate and economic interests in all forums.
Other board members under investigation include Pavel Nedved, ex-vice-president, and Maurizio Arrivabene.
After the announcement by the prosecutors, Juventus’ problems seemed to worsen when European football’s governing body Uefa announced that it would open an investigation into possible breaches of financial fair play and club licensing regulations.
An investigation into allegations of artificial gains from club transfers and loans between 2018-2020 was initiated last year. Investors were also provided with false accounting information relating to transactions that are believed to never have occurred.
Police from Italy’s Guardia di Finanza invaded the headquarters of Juventus in Turin, November 2021.
Prosecutors concluded the inquiry in October, claiming that the club suffered losses far greater than what it had reported in the three seasons 2018-2020. They claimed that there was a loss in the club of EUR239m (PS204m), in 2019, rather than the EUR89m stated.
Last season, Juventus reported a record loss in the amount of EUR254.3m.
Italian reports mention allegations that millions of euros were made in artificial capital gains and fictitious savings from salary cuts.
Juventus claimed that 23 players had accepted a reduction in their wages for four months at the beginning of the coronavirus pandemic. However, prosecutors claim it only lasted one month.
Consob, the Italian market regulator, also participated in the investigation because Juventus is listed on Milan’s stock exchange.
Juventus claimed that Consob did not mention false accounting in its statement and placed the capital gains value much lower than prosecutors.
The nine-member board concluded unanimously that the allegations by the prosecutors “did not seem to be founded”; the club had always acted in the correct manner.
The club is still under the control of the Exor holding group of the Agnelli family. Gianluca Ferrero, corporate advisor, has been proposed to become chairman.
During Andrea Agnelli’s presidency, Juventus won nine Serie A titles consecutively but were never able win the coveted Champions League. In 2018, the club spent EUR100m to sign Cristiano Rojo from Real Madrid.
Former Juventus boss was one the key figures behind last year’s failed attempt to establish a European Super League.