Bologna have elected new President Marco Pavignani after Massimo Zanetti and director Luca Baraldi handed in their shock resignation.
The club had only been taken over from previous owner Sergio Porcedda over the Christmas break.
“I note that my colleagues and I are not able to perform in a manner as satisfactorily as Bologna deserves,” read Zanetti's statement.
Bologna have already moved to elect a new President, Marconi Plastics owner Pavignani, who holds 5 per cent of the club shares.
“The choice simply went down to me because I was the Vice-President,” he said.
Americo Romano has been appointed general manager in a vote by the small businessmen who in total own 60 per cent of Bologna's shares.
The club has already been docked three points due to financial irregularities and it emerged Bologna need a further €7m over the next two months to avoid bankruptcy.
Think you know your Italian football? Share your knowledge, tips and comments to win cash prizes in OLBG's tipster competition  - £11,000 to be won monthly!