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After the Juventus board resigned on Monday in an unexpected move, the Italian club is now facing another challenge as UEFA, the European soccer governing body, announced on Thursday that they opened a formal investigation into them for potential breaches of the club licensing and Financial Fair Play regulations. What happened on Monday, when the whole Juventus board resigned, marked the end of Andrea Agnelli's era as club president and for vice-president and club legend Pavel Nedved. 

Juventus' recent financial statements were under scrutiny by prosecutors and Italian market regulator Companies and Exchange Commission (CONSOB) in the past months for alleged false accounting and market manipulation. The club acknowledged the so-called "salary maneuvers" from the 2019-20 and 2020-21 fiscal years, adding that "the complexity of such profiles on valuation elements may be subject to different interpretations." As a result, Agnelli informed the board and the Juventus employees about his decision to step down and to start a process for a new board in the coming weeks. The day after, the owners of the club, the Exor Group, announced the decision to appoint Gianluca Ferrero as new Chairman of Juventus and a new board will be named on Jan. 18. 

The Club Financial Control Body First Chamber of UEFA will "investigate on the alleged financial violations that were recently made public as a result of the proceedings led by the Italian Companies and Exchange Commission (CONSOB) and the public prosecutor in Turin", the official statement stated.

"On 23 August 2022, the CFCB First Chamber concluded a settlement agreement with Juventus FC. This settlement agreement was concluded on the basis of the financial information previously submitted by the club pertaining to the financial years closing in 2018, 2019, 2020, 2021 and 2022."

"In the event that, after conclusion of this investigation, the club's financial situation was significantly different from that assessed by the CFCB First Chamber at the time the settlement agreement was concluded, or if new and substantial facts arise or become known, the CFCB First Chamber reserves the right to terminate the settlement agreement, take any legal step it may deem appropriate, and impose disciplinary measures in accordance with the applicable UEFA CFCB Procedural Rules."