Italy miss their third consecutive World Cup after losing Tuesday's playoff in Bosnia on penalties.
Renzi posted to social media this mornig: "Italy's third consecutive elimination from the World Cup is unfortunately not an April Fool's joke.
"It is a sign of the failure of Italian football. Failure to understand that for our country, football is not just entertainment but a part of our culture and popular identity is the gravest mistake of a ruling class that, in the federation as in some clubs, thinks it can get by on recommendations and cronies, living off petty intrigues. And subservience to politics.
"They hire ministers' children, but they don't care about the kids who dream of a different kind of football. Anyone familiar with what has happened in recent years knows exactly what I'm referring to.
"I don't want to say more: we'll do so very soon at a public meeting of Italia Viva where we'll listen to the opinions of those involved and share our ideas on the future of Italian football.
"Now more than ever, it needs to be rebuilt from scratch, starting with TV rights and stadiums. And without interference from the establishment."