UEFA have announced that a formal investigation is now underway into Juventus for possible breaches of Financial Fair Play and club licensing regulations.

The news comes just days after the entire board quit following charges relating to false accounting and market manipulation which included president Andrea Agnelli and vice-president Pavel Nedved.

An official statement released by UEFA read: 'The CFCB First Chamber has today opened a formal investigation into Juventus FC for potential breaches of the Club Licensing and Financial Fair Play regulations.

'The CFCB First Chamber investigation will focus on the alleged financial violations that were recently made public as a result of the proceedings led by the Italian Companies and Exchange Commission (CONSOB) and the public prosecutor in Turin.'

The investigation will look at information provided in the five financial years up to and including 2022, a year which saw them report record-breaking losses of £220m.

Their struggles have not been limited to off-the-pitch financial issues, as the club have failed to continue their domestic dominance and have also struggled in the Champions League, where they have not gone past the quarter-finals since 2017.

Finishing third in their Champions League group has seen them drop down into the Europa League for the first time since 2014 as they face off against Nantes in the first knockout round.

Despite currently sitting third in Serie A, the club cannot afford to sack manager Massimiliano Allegri and they face selling some of their stars to ease their financial situation.