Juventus have dropped 15 points following an investigation into the club’s past transfer deals, the Italian football federation (FIGC) have said.
The Serie A giants have been accused of fixing their balance sheets through artificial gains from club transfers.
Juventus were in third place but the penalty will drop them to 10th place.
The club’s board, comprising former chairman Andrea Agnelli and vice-chairman Pavel Nedved, resigned in November.
Juventus have denied any wrongdoing and confirmed they will appeal the decision.
In a statement, the club said they were “waiting for the publication of the reasons for the decision” but have started to appeal to the Italian Olympic Committee’s (CONI) Sport Guarantee Board.
FIGC’s penalty is more severe than the nine-point deduction sought by prosecutors.
Former Juventus sporting director Fabio Paratici, now Tottenham’s chief football officer, has been suspended for 30 months.
The FIGC also hit Agnelli and the club’s former general manager Maurizio Arrivabene with two-year bans, while current sporting director Federico Cherubini was handed a 16-month ban.
A total of 11 former and current Juventus managers have received sanctions, with Nedved receiving an eight-month ban,
The FIGC says all the bans include a request to extend the sanction to UEFA and Fifa and therefore then apply worldwide.
Juventus were first acquitted alongside 10 other clubs, including current Serie A leaders Napoli, in April 2012. Paratici and Agnelli were among 59 people to also be cleared.
The investigation was reopened in December after the federal prosecutor decided to appeal the decision.
This follows new evidence from a separate investigation into Juve’s finances by prosecutors in Turin.
The request for the reopening of the trial and the application of sanctions concerned nine of the 11 clubs initially investigated, including Serie A teams Juventus, Sampdoria and Empoli, as well as 52 of the managers of these clubs.
Lawyers for Juventus said the FIGC sanctions “constitute a clear disparity in treatment against Juventus and its managers compared to any other company or member”.
They added: “We recall, for the moment, that only Juventus and its leaders are charged with the violation of a rule, which the same sports justice had recognized on several occasions that it did not exist.
“We believe this is also a gross injustice to millions of fans, which we believe will soon be corrected in the next level of judgment.”
In a statement in November, the outgoing board said their resignations were “considered to be in the best social interest to recommend that Juventus have a new board to address these issues.”
Juventus won nine straight Serie A titles during Agnelli’s 13-year tenure, but finished fourth last season and suffered a record €254m (£220m) loss in Italy.
A new Board of Directors was approved at a meeting of shareholders of Juventus Wednesday, Gianluca Ferrero replacing him as president.
Juventus are also facing an investigation by UEFA over potential breaches of its club licensing and financial fair play regulations, which were announced last month.
Juve’s next league game is at home against Atalanta on Sunday.
