The FIGC are to have their budget slashed with cuts being made in all areas of sport in Italy.
It is believed that this cut is likely to be in the region of €20 million, which would be a third of their current budget.
“We made this decision as we had no other choice.” said Giovanni Malago, president of the Italian Olympic Committee, during a meeting in Rome.
Now the FIGC are to have a budget of roughly €42 million.
The FIGC, whose headquarters are in Florence, run Italian football and have endured a difficult month.
Earlier in October its president Carlo Tavecchio was banned by UEFA for six months for racist remarks.
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