Giro director suspended for $17.7m scandal

Giro d'Italia director Michele Acquarone has been suspended from his position during an investigation into the alleged misappropriation of at least $17.7 million from race organiser RCS Sport.

Giro officials confirmed the suspension today after it was first reported by Italian financial newspaper Milano Finanza. RCS MediaGroup, parent company of RCS Sport, also announced that it was undertaking an external audit to examine bank transactions.

The publication claims Acquarone – who is also RCS Sport CEO – and former CEO Giacomo Catano have each been given "precautionary rather than disciplinary" suspensions during the inquiry, according to the Associated Press.

The suspension means Acquarone is likely to miss Monday's unveiling of the 2014 Giro d'Italia route in Milan.