According to lapresse.it, Giro d'Italia race director Michele Acquarone, CEO Giacomo Catano and External Relations manager Matteo Pastore have been sacked by RCS Sport that organizes the Italian grand tour. No reasons have been given but the news follows a suspension of Acquarone, Catano and Pastore for their possible involvement in the misappropriation of 13 million Euro.

The Giro d'Italia may have a new figurehead when the 2014 edition of the race kicks off in May. Lapresse.it reports that the race director Michele Acquarone has been sacked by RCS Sport which organizes the Italian grand tour. The company is also reported to have dismissed CEO Giacomo Catano and Media Relations manager Matteo Pastore.

Acquarone, Catano, and Pastore were all suspended in early October when the company opened an internal investigation into  the possible misappropriation of 13 million Euro. The administrative director Laura Bertinotti quit her role and outside experts were called in to find out what had been going on the Italian company.

On October 11, Acquarone issued a statement where he claimed his innocence and expressed his confidence that he would be cleared by the investigation.

“Those who know me, are well aware that my professional style is based on three key concepts: fairness, respect and dialogue,” he wrote. "Those who know me, also know that I hold the trust of fans and of people involved in the industry, at the centre of my heart, and if today I can benefit from such trust, it is because I have always worked with greatest transparency and honesty, as well as with total dedication and loyalty to the RCS Group.

“For the ties linking me to Giro fans and to the people involved in the industry, I want to strongly reassure everyone of my non-involvement in the matters that have been reported in the mass media over the last few days," he continued. "Today the life of a company is permanently marked in time, and I am certain that all the facts will soon be completely clarified.”

In mid-November, it was reported that the magistrate in Milan had formally opened an investigation into the matter but Acquarone remained confident that he would return to his job. This week he told Cyclingnews that he was frustrated not to have heard anything from RCS Sport during his suspension and when it was rumoured that Paolo Bellino, a former 400m runner, would take over his role, he invited to a press conference on Thursday where he was set to give his version of the case.

If the reports are true, his sacking has pre-empted that press conference by two days but there has been given no reason for his dismissal. It may be related to a direct involvement in the misappropriation but could also be a mere reflection of the fact that he was responsible for the management and finances of the company. 

Acqurarone took over the role in 2011 from Angelo Zomegnan and immediately began a process of internationalizing the event. He made it more humane by reducing the toughness of the course and limiting the length of the transfers and did a huge job to involve fans via social media.

He received much praise for his work from both fans and riders and managed to attract some major stars to his race during his two-year tenure.

Race director Mauro Vegni is expected to assume the role of director of the Giro d’Italia, while Paolo Bellino is rumoured to take on the position of CEO of RCS Sport. Vegni recently indicated a more long-term involvement in the race when he spoke about his desire to internationalize the event even further by hosting starts as far away as New York and Dubai.

Cyclingnews has contacted Acquarone for comment but he will give his version at the press conference on Thursday.