December 7 – The president of Italian top-flight side Sampdoria is stepping down with immediate effect after being arrested for alleged involvement in fraudulent bankruptcy cases.
Massimo Ferrero was detained by Italian police on Monday as part of an investigation into events leading to four of his previous business ventures going bankrupt.
While Ferrero was reportedly taken to jail in Milan, house arrest was ordered for five other people, thought to include his daughter and grandson. Nine people in total are said to be involved in the investigation carried out by the public prosecutor of Paola, in the southern Italian region of Calabria.
Sampdoria said Ferrero will step down out of “respect for the club” as they distanced themselves from any involvement in the alleged incidents.
“It was with great astonishment that we learned of the execution today of a pre-trial detention order against Massimo Ferrero,” the club said in a statement.
“It was a request from the Public Prosecutor’s Office of the Republic of Paola for bankruptcy related to events of many years ago. These events are entirely independent of both the management and ownership of Sampdoria.
“However, to protect the interests of Sampdoria, Mr. Ferrero intends to resign immediately from all his functions and make himself available to investigators.”
The 70-year-old businessman completed a takeover of the Serie A club in June 2014 for around €15 million which included the club’s debt.
During his seven and a half years at the helm, Sampdoria established themselves as regulars in Serie A and achieved qualification to the Europa League qualifying rounds in 2015. However they are currently in 15th place in the league.
Ferrero has been close to selling the club in the past few months, most notably to a consortium led by club icon Gianluca Vialli in August, and this week confirmed his willingness to move on if a suitable buyer comes forward.
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