The Italian Football Association decided to deduct 15 points from Juventus, after an investigation into previous transfer deals for the club.
The Serie A giant was accused of settling its financial accounts through artificial gains from the club’s transfers.
Juventus was in third place, but the penalty led to its decline to tenth place.
The club’s board of directors, including former president Andrea Agnelli and vice-president Pavel Nedved, resigned in November.
Juventus denied any wrongdoing and confirmed it would appeal the decision.
The club said in a statement that it was “awaiting the publication of the reasons for the decision” but had begun to lodge an appeal with the Italian Olympic Committee’s Sports Guarantee Board.
The penalty was more severe than what the Public Prosecution requested, deducting nine points.
The former Juventus sports director, Fabio Paratici, who is currently the managing director of football at Tottenham Hotspur, was suspended for 30 months.
The Italian Federation also decided to punish Agnelli and the club’s former CEO, Maurizio Arrivabene, by stopping them for two years, while the current sports director, Federico Cherubini, was banned for 16 months.
A total of 11 former and current Juventus executives received sanctions, with Nedved banned for eight months.
The Italian Federation says that all bans include a request to extend the penalty to include the European Union (UEFA) and the International Federation (FIFA), and therefore the sanctions apply at the international level.
Juventus was initially acquitted along with 10 other clubs, including current Italian league leaders Napoli, in April 2022. Parachi and Agnelli were among the 59 individuals who were also acquitted.
The investigation was reopened in December after the federal prosecutor decided to appeal the ruling.
It followed new evidence from a separate investigation into Juventus’ finances by prosecutors in Turin.
The request for a retrial and application of penalties concerns nine of the original 11 clubs investigated, including Serie A teams Juventus, Sampdoria and Empoli, as well as 52 of their executives.
Juventus’ lawyers said the FIGC’s sanctions “constitute a clear disparity in the treatment against Juventus and its directors compared to any other company or member”.
And they added: “We point out, until now, that only Juventus and its directors are accused of violating a rule, which the sports justice system itself has repeatedly recognized as non-existent.”
“We believe this is also a blatant injustice towards millions of fans, which we are confident will soon be rectified in the next rung of judgment.”
In a statement issued in November, the outgoing board members said their resignations “recommended that Juventus equip themselves with a new board of directors to address these issues in the best social interest”.
Juventus won the Serie A title nine times in a row during Agnelli’s 13-year reign, but finished fourth last season and lost 254 million euros – a record in Italy.
Agnelli was one of the main architects of the breakaway plans to form a European Super League in 2021 and as a result resigned as president of the European Clubs Commission.
A new board of directors was approved at a Juventus shareholders meeting on Wednesday, with Gianluca Ferrero taking over as chairman.
Juventus also faces an investigation by Juve over possible breaches of the club’s license and financial fair play regulations, which were announced last month.
Juventus’ next league match will be at home against Atalanta on Sunday.
In 2006, Juventus was relegated to Serie B in Italy and stripped of two Serie A titles.
