The entire board of Serie A club Juventus, including its president Andrea Agnelli have resigned from their positions amid ongoing police investigations of their financial records.

In a statement released Monday, the board decided to step down en masse “having considered the centrality and relevance of pending legal and accounting issues” and recommended that it “considered to be in the best social interest to recommend that Juventus equip itself with a new board of directors to address these issues.”

In November 2021, the Italian giants announced they were working with the police in an ongoing investigation concerning the club’s “revenues from players” registration rights between 2019 and 2021.

Mr Agnelli and vice president Pavel Nedved are also part of those under investigation about the club’s transfers.

Both the sporting and financial aspects of Juventus have recently plummeted. 

The club finished fourth in the Italian Serie last season and recorded a loss of €254.3 million (£220 million), the highest-ever loss in Italy.

According to the BBC, Juventus are also under investigation for “allegations of presenting false accounting information to investors and producing invoices for non-existent transactions.”

Meanwhile, managing director Maurizio Arrivabene will temporarily remain in charge of the club until a new board is formed.