Cycling Race Executives Suspended After Suspicious Transactions

The company that organizes the Giro d’Italia, one of cycling’s biggest races, suspended three executives after some “suspicious banking transactions.”

RCS Sport, which runs the race won this year by Italy’s Vincenzo Nibali, suspended former Chief Executive Officer Giacomo Catano and two others as a precaution, it said today in an e-mailed statement.

The managers “were suspended temporarily as a cautionary measure considering the importance of their roles,” RCS said today. The company started an audit about a week ago that turned up suspicious activity, it said.

The Giro is one of the so-called Grand Tours, along with the Tour de France and the Vuelta a Espana. The route for the 2014 Italian race will be revealed next week.

Michele Acquarone, managing director of RCS Sport, who oversees the Giro among other sports events, was among the executives suspended, the Associated Press said. The news agency said at least $17.7 million was allegedly misappropriated.

Acquarone said by telephone today that he couldn’t comment on his situation.

Before it's here, it's on the Bloomberg Terminal.
LEARN MORE