The board of Italian club Juventus has resigned.

The entire board including the president, Andrea Agnelli, quit on Monday.

The Serie A club finished fourth in the league last season and made a €254.3 million (£220m) loss – a record in Italy.

Last November, Juventus said they were co-operating with police after an investigation was launched into the club’s transfers.

The investigation concerned “revenues from player registration rights” between 2019 and 2021.

Agnelli and vice-president Pavel Nedved, who is also stepping down, were among those under investigation.

The board stepped down en masse on Monday, “having considered the centrality and relevance of pending legal and accounting issues”, said a statement.

The outgoing board “considered to be in the best social interest to recommend that Juventus equip itself with a new board of directors to address these issues,” the statement added.

Spain’s La Liga released a statement on Tuesday, renewing its calls for “immediate sports sanctions” to be placed on Juventus for alleged Financial Fair Play breaches.

The Spanish league had previously filed an official complaint with European governing body UEFA against Juve in April, along with similar complaints against Manchester City and Paris-St Germain.

Managing Director Maurizio Arrivabene will remain in his role for an interim period while a new board is brought together.

Exor, the holding company which own 63.8% of Juventus, has proposed Gianluca Ferrero – a corporate adviser, auditor and board member of a number of companies – to replace Agnelli.

It said Ferrero has “significant experience and the required technical competencies with a genuine passion for the club”.

Agnelli was one of the chief architects of the breakaway plans to form the European Super League in 2021.

Juve, who are listed on the Italian stock exchange, are being investigated for allegations of presenting false accounting information to investors and producing invoices for non-existent transactions.

The club has denied any wrongdoing.

Shareholders are set to meet on January 18, 2023 to appoint the new board, the club said.