Andrea Agnelli and Maurizio Arrivabene attend the Juventus shareholders meeting at Allianz Stadium on October 29, 2021 in Turin, Italy.
CNN  — 

The entire board of directors of Juventus, including the club’s President Andrea Agnelli and CEO Maurizio Arrivabene, has resigned over charges of false accounting, a statement from the Italian soccer club said Monday.

The decision to collectively resign came after an extraordinary meeting was held Monday after “new legal and accounting opinions” from independent experts were obtained, the statement said.

The Serie A team’s financial statements underwent scrutiny by prosecutors and Italian market regulator Consob in recent months for alleged false accounting and market manipulation. The company has denied any wrongdoing.

Upon the proposal of Agnelli, the board agreed that it was in the best interest of the club for a new board to take over at Juventus.

Agnelli’s decade overseeing an unprecedented period of dominance at the Allianz Arena – including a nine-year run of Serie A titles – has now come to an end as a result.

In its final meeting, the board appointed Maurizio Scanavino as General Manager until a new board of directors will be confirmed in a meeting scheduled for January 18.

Nicknamed La Vecchia Signora – The Old Lady – Juve posted losses of €254.3 million ($256.95 million) for 2021/22, the largest recorded loss in Serie A history.

Juve is third in Serie A – 10 points behind leader Napoli – but failed to qualify for the Champions League knockout stages.