Juventus have been docked 15 points following an investigation into the club's past transfer dealings, Italy's football federation (FIGC) says.
The Serie A giants were accused of fixing their balance sheets by artificial gains from club transfers.
Juventus had been in third place but the penalty will drop them to 10th.
The club's board of directors, including former president Andrea Agnelli and vice-president Pavel Nedved, resigned in November.
Juventus have denied any wrongdoing and confirmed they will appeal the decision.
In a statement, the club said they "await the publication of the reasons of the decision" but have started bringing an appeal to the Sport Guarantee Board of the Italian Olympic Committee (CONI).
The FIGC's sanction is tougher than the nine-point deduction prosecutors had requested.
Juve's former sports director Fabio Paratici, now Tottenham's managing director of football, has been banned for 30 months.
The FIGC has also hit Agnelli and the club's former chief executive Maurizio Arrivabene with two-year bans, while current sports director Federico Cherubini has been given a 16-month ban.
A total of 11 former and current Juventus executives have received sanctions, with Nedved given an eight-month ban.
The FIGC says all the bans include a request for the sanction to be extended to Uefa and Fifa and therefore then apply worldwide.