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Real escape with hope of progress

What the papers say
Read

Real escape with hope of progress

What the papers say
Read
By ESPN Staff

Juventus board to meet on May 19

MILAN, May 16 (Reuters) - Italian champions Juventus, whose entire board quit last week over match-fixing allegations, called directors to meet again on May 19 and said the head of its majority shareholder would take a key role.

In a statement, the Serie A soccer club, which clinched this season's title on Sunday, said Carlo Sant'Albano, chief executive officer of Ifil, would take on 'specific management powers' at the board meeting.

Ifil is the holding company of the Agnelli family and has a 62 percent stake in Juventus, according to data from bourse regulator Consob.

Juventus said the board meeting would also 'update the situation on company business.'

A spokesman said the entire board would meet because all the directors had given up specific roles through resigning. A shareholders' meeting scheduled for June 29 should decide on a new board.

Former Juventus general manager Luciano Moggi, whose intercepted telephone conversations triggered the scandal, was questioned by prosecutors in Rome on Monday.

The investigation has hammered Juventus' shares which have been suspended for excessive losses for most trading this week. The shares have theoretically slumped nearly 40 percent since Wednesday, wiping 109 million euros ($139.6 million) off the company's value.

Newspaper Il Sole 24 Ore has said that if Juventus were demoted to Serie B it could lose 120 million euros in sponsorship and television rights.