The Italian Football Federation announced Friday that Juventus have been docked 15 points in Serie A for the 2022-23 season as punishment for multiple financial violations.

According to Goal.com's Thomas Hindle, Juventus were found to have artificially inflated the transfer value of players, leading to €90 million in savings.

The Italian Football Federation also announced that 11 current and former Juventus executives have been banned for periods ranging from eight to 30 months.

Fabio Paratici, who was the Juventus chief football officer from 2010 to 2021 and is the current managing director of football for Tottenham Hotspur, received the biggest punishment in the form of a 30-month ban.

Current Juventus CEO Maurizio Arrivabene and former Juventus chairman Andrea Angelli each received 24-month bans. Another notable punishment of an eight-month ban was given to former Juventus player and board of directors member Pavel Nedvěd as well.

Per Apollo Heyes of Football-Italia.net, the bans extend to FIFA and UEFA, meaning they are not merely limited to Serie A. Juventus and the executives will be able to appeal the decision which is expected to be explained in further detail "in the coming days," per Heyes.

Prior to the punishment, Juve had been tied for third in Serie A this season with Inter Milan at 37 points, behind only Napoli's 47 points and A.C. Milan's 38 points.

Now, Bianconeri have dropped to 10th place with 22 points because of the 15-point penalty.

That leaves Juventus 12 points out of a UEFA Champions League group stage spot, a Europa League group stage spot and a Europa Conference League qualifier.

Juventus are the winningest club in Serie A history, having won the league title 36 times. Their most recent title came in 2020, and they finished fourth in each of the past two seasons.

Every Serie A team has 20 matches left to play this season, meaning there is still time for Juventus to move up the table and secure a respectable finish.