Giro boss on leave, others quit amid financial investigation

Acquarone on leave during investigation into possible financial misdeeds at RCS Sport

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Giro d’Italia owner RCS Sport has placed race director and COO Michele Acquarone and former CEO Giacomo Catano on “precautionary rather than disciplinary” suspension, pending an investigation into financial misappropriations, according to Italian newspaper Milano Finanza.

RCS MediaGroup, parent company of RCS Sport, announced last week that it was undertaking an external audit to examine banking transactions: “In response to some administrative checks carried out recently by the Administration, Finance, Management Control, and Legal Affairs of the parent company RCS MediaGroup S.p.A., with the support of the Internal Audit Department, today we summoned the Board of Directors of the subsidiary RCS Sport S.p.A., which resolved to entrust to an outside company promptly initiating an audit to carry out the necessary further research on the nature of certain banking transactions carried out with related associations to RCS Sport but not consolidated in the company. These insights will also be aimed at assessing the extent of any damage suffered by the company.”

Milano Finanza reported on Thursday that the investigation centered around 13 million euro, but the company’s cycling division may not be directly involved.

Catano and administrative director Laura Bertinotti have resigned. Catano was reassigned to a new position within RCS. Ricardo Taranto
replaced Bertinotti, according to Milano Finanza.

Acquarone told VeloNews on Thursday that he is unable to make comment to the media while the investigation is ongoing.

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