Cagliari president Massimo Cellino has offered to resign.
The board have voted to reject his resignation and it is believed that a final decision on Cellino's future in the role will only be taken in the summer.
"In March, they will meet again to decide the future of Cagliari.
"Although I think this [investigation] is science fiction fantasy, if called to trial, I will resign immediately and irrevocably, I am not attached to a role like some of the directors.""It was my duty to resign because I was struck by a criminal investigation and did not want to involve the board of directors against their will," Cellino explained to L'Unione Sarda.