Italy's Juventus have been docked 15 points in the Serie A for false accounting on Friday following an appeal hearing at the Italian soccer federation.
The decision means the Turin giants will plunge from third to 11th place in the Serie A table, although they have indicated that they will launch an appeal.
A total of 11 current and former Juventus officials have been slapped with sanctions including ex-chairman Andrea Agnelli, who has been banned from the sport for two years, and the current director of football at English club Tottenham, Fabio Paratici, who has been handed a two-and-a-half-year suspension.
Prosecutors had previously recommended a nine-point deduction over the scandal, in which the club were alleged to have falsely inflated the value of players and misrepresented losses.
The penalty comes 17 years after a refereeing scandal that saw Juventus demoted to Serie B and stripped of two Serie A titles.
Also read: Brazilian footballer Dani Alves arrested after allegation of sexual abuse in Barcelona nightclub