The Italian football federation (FIGC) has docked Juventus 15 points following a probe into the club's previous transfer deals.
The Serie A giants were accused of balancing their books through artificial gains from club transfers.
Juventus was in third position before the penalty, which dropped them to tenth.
Former president Andrea Agnelli and vice president Pavel Nedved resigned from the club's board of directors in November.
Juventus has denied any wrongdoing and stated that they will appeal the judgement.
The club said in a statement that they "await the release of the grounds for the decision," but that they have begun an appeal to the Sport Guarantee Board of the Italian Olympic Committee (CONI).
The FIGC sentence is worse than the nine-point deduction proposed by prosecutors.
Fabio Paratici, Juventus' former sports director who is now Tottenham's managing director of football, has been suspended for 30 months.
The FIGC also suspended Agnelli and the club's previous chief executive, Maurizio Arrivabene, for two years, while current sports director Federico Cherubini was suspended for 16 months.
Eleven former and present Juventus executives have been sanctioned, with Nedved receiving an eight-month suspension.
According to the FIGC, all of the bans contain a request that the sentence be extended to Uefa and Fifa and therefore apply globally.
In April 2022, Juventus was acquitted with ten other teams, including current Serie A leaders Napoli. Paratici and Agnelli were among 59 people who were cleared.
After the federal prosecutor chose to appeal the judgement, the inquiry was restarted in December.
It was prompted by fresh information obtained during a separate probe into Juve's finances undertaken by prosecutors in Turin.
The motion to revive the trial and impose punishment involved nine of the initial 11 teams examined, including Serie A clubs Juventus, Sampdoria, and Empoli, as well as 52 of its officials.
Juventus’ lawyers said the FIGC’s sanctions "constitute a clear disparity of treatment against Juventus and its managers compared to any other company or member".
They added: "We point out, as of now, that only Juventus and its managers are attributed the violation of a rule, that the same sports justice had repeatedly recognised that it did not exist.
"We believe that this is also a blatant injustice towards millions of fans, who we trust will soon be remedied in the next degree of judgement."
In a statement in November, the outgoing board said their resignations were "considered to be in the best social interest to recommend that Juventus equip itself with a new board of directors to address these issues".
Juventus won nine consecutive Serie A titles during Agnelli's 13-year tenure but finished fourth last season with a 254 million euro (£220 million) loss, a record in Italy.
At a Juventus shareholders meeting on Wednesday, a new board of directors was adopted, with Gianluca Ferrero taking over as chairman.
Uefa is also investigating Juventus for alleged violations of its club licence and financial fair play standards, as stated last month.
Juve's next league encounter is against Atalanta at home on Sunday.