The entire board of Juventus, chaired by Andrea Agnelli, resigned on Monday.
The collective resignation comes after prosecutors and the Italian market regulator Consob investigated Juventus' financial statements in recent months for alleged false accounting and market manipulation. The club has denied all allegations of wrongdoing.
As per Skysports, Juventus reported a £220 million annual loss last season, a record in the club's history.
"The Board of Directors, considering the focus and relevance of the pending legal and technical-accounting issues, have deemed it in the best interest to recommend that Juventus adopt a new Board of Directors to deal with these issues," a Juventus statement read.
Along with Agnelli, vice-president Pavel Nedved has resigned, as has chief executive Maurizio Arrivabene, but Juventus has asked the latter to stay in his position until the next board of directors is formed.
Laurence Debroux, Massimo Della Ragione, Katryn Fink, Daniela Marilungo, Francesco Roncaglio, Giorgio Tacchia, and Suzanne Keywood have also resigned from the board.
President Agnelli has been at the helm of Juventus since 2010 and was a key figure in establishing the European Super League, which failed to take shape last year, serving as vice-chairman of the division.
Juventus became one of Europe's powerhouses during Agnelli's reign by dominating the Italian leagues. Until 2019-20, Juventus had won nine consecutive Serie A titles.
However, Juventus has recently fallen from grace, with Inter and AC Milan winning the last two Serie A titles, respectively.
Juventus are third in Serie A, 10 points behind leaders Napoli, and are managed by Massimiliano Allegri, whom Agnelli fired in 2019 only to rehire 18 months later.
Juventus was also knocked out of the Champions League group stages earlier this month and relegated to the Europa League, adding to their financial woes.
(With inputs from ANI)