Carlo Ancelotti News | Real Boss Ancelotti Faces 5 Years In Prison
Real boss Ancelotti faces 5 years in prison
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Carlo Ancelotti |
Real Madrid head coach Carlo Ancelotti has been accused of defrauding the treasury of more than 1 million euros during his tenure as Real Madrid manager between 2014 and 2015, a report says.
According to Relevo Spanish sports website.
Ancelotti finds himself facing the grim reality of potentially serving a prison sentence of four years and nine months, as well as having his once stellar reputation irreversibly tarnished.
The charges stem from allegations that Ancelotti failed to declare income from his image rights in his tax returns, instead channeling the money through a company called Vepia Limited. Prosecutors argue that Ancelotti hatched a scheme to conceal his earnings, transferring his image rights to Vepia for a large sum and subsequently omitting the related income from his tax filings.
This amount corresponds to 386,361 euros in 2014 and 675,718 euros in 2015. If found guilty, one of the most iconic managers in football history could see his career disgraced,” the report said. Amid the allegations, details have emerged of an allegedly elaborate network of trusts and companies set up by Ancelotti to shield his image rights earnings from Spanish jurisdiction.
The complexity of these arrangements has drawn scrutiny from legal authorities, revealing a picture of a manager caught in a web of financial fraud. Prosecutors allege that back in July 2013, Ancelotti purportedly transferred a hefty sum of £21 million (equivalent to 25 million euros) to Vapia. This transaction supposedly secured a decade-long agreement for the rights to his image. He then reportedly installed himself as CEO of the company, shortening the tenure to three years and reducing the sale price to £854,000 ($1.06 million). Ancelotti 'forgives any income relating to the use of his image rights' of £1.1 million ($1.4 million) in 2014 and £2.5 million ($3.1 million) in 2015.
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