"To protect the interests of his other activities, and specifically to avoid any specious speculation impinging on U.C. Sampdoria and the world of football, Ferrero will stand down from the positions he holds at the club with immediate effect," Sampdoria said in a statement.
The Italian Serie A club said the Public Prosecutor's Office of Paola (Calabria region in Italy) issued an arrest warrant for the 70-year-old over his bankruptcy proceedings that date back several years.
The investigation does not have links with football.
"In any case, it should be made clear that these matters are in no way connected to the management and ownership of U.C. Sampdoria nor to Mr. Ferrero's business and cinema activities in Rome, for which separate proceedings at the Court of Rome are already under way," Sampdoria said.
Italian media said Ferrero was arrested in Milan earlier Monday and jailed in the city.
Five others including his daughter Vanessa were placed under house arrest for alleged corporate and bankruptcy charges.
Ferrero, who is a film producer and entrepreneur, bought Sampdoria in 2014 and served as president of the club.
Sampdoria are currently in 15th place with 15 points in Italy's top-tier league.
