RCS Sport chairman resigns amid financial audit

Giro d'Italia owner continues shake-up in management during an external audit

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The management upheaval at Giro d’Italia owner RCS Sport continued Friday with the resignation of the chairman of the Italian organization’s board of directors.

In a meeting on Friday, Flavio Biondi resigned his post. The board appointed Raimondo Zanaboni as the new chairman and said in a statement it hoped the new chairman would strengthen strategic relationships between RCS Sport and other departments under RCS MediaGroup S.p.A.

“The Company reaffirms its determination to pursue the strengthening and development of sporting events and activities of RCS Sport, including sports marketing and advisory services,” the board said. “In the coming days RCS Sport is working on The Color Run, in Rome on 5 October, Il Lombardia cycling race on Sunday 6, and Italian Super Cup of Basketball in Siena on Tuesday 8 October. Finally, on Monday 7 October 2013, the 97th edition of Giro d’Italia, a source of pride for the entire RCS Group, will be presented in Milan.”

Biondi’s departure is the most recent in a string of high-level resignations at RCS Sport following reports of alleged financial misappropriations. Giro director Michele Acquarone is on “precautionary rather than disciplinary” suspension during an external audit of the division’s finances. The CEO and administrative director for RCS Sport resigned earlier this week.

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

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