Massimo Ferrero has stepped down as Sampdoria president after being arrested and brought to jail as part of an investigation into corporate crimes and bankruptcy.
Ferrero was taken to San Vittore jail in Milan on Monday while house arrest was ordered for five other people, thought to include his daughter and grandson.
Nine people in total are involved in the investigations carried out by the public prosecutor of Paola, in the southern Italian region of Calabria, around the events which led to four of Ferrero's previous business ventures going bankrupt.
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The Serie A club are not being investigated and released a statement confirming Ferrero has stepped down from his role with immediate effect.
"It was with great astonishment that we learned of the execution today of a pre-trial detention order against Massimo Ferrero," the statement read.
"It was a request from the public prosecutor's office of Paola for bankruptcy related to events of many years ago. It is still unclear why the precautionary requirements were needed.
"In any case, it should be pointed out that these events are completely unrelated to the management and ownership of Sampdoria and Ferrero's activities relating to the world of cinema.
"However, Ferrero, precisely in order to better protect the interests of the other activities in which it operates, intends to formalise the immediate resignation from the corporate offices of which until now he has been the owner."
The 70-year-old Italian businessman from Rome completed a takeover of the Serie A club in June 2014 for around €15m (£12.8m) which included the club's debt.
During his seven and a half years at the helm, Sampdoria established themselves as regulars in Serie A and achieved qualification to the Europa League qualifying rounds in 2015.
Ferrero has been close to selling the club in the past few months, most notably to a consortium led by club icon Gianluca Vialli in August, and this week confirmed his willingness to move on if a suitable buyer comes forward.
"I did my best and I'm still doing my best, but if someone is capable of giving Sampdoria more light than I am, they can come forward, I'm ready to listen and to pass the baton," he told Italian daily La Repubblica.
Sampdoria are navigating through a rough patch after Claudio Ranieri's exit in the summer as they sit in 15th place in Serie A after their 3-1 loss to Lazio on Sunday.