Corinthians, one of Brazil's most successful football clubs, has forced out its president, Anthony Melo who is facing criminal charges of theft and money laundering.

The Sao Paulo club voted at its annual general meeting on Saturday to oust Melo, who had already been suspended.

Melo, 61, has been charged with criminal conspiracy, money laundering and theft, according to legal sources. The move followed an investigation into a sponsorship deal with the Vai de Bet gambling platform.

Investigators allege that funds were funneled to a firm tied to a major criminal group—a claim that has sent shockwaves through the Corinthians faithful.

Melo, however, has staunchly denied any wrongdoing, fighting to clear his name amidst the mounting pressure.

According to Brazilian media, documents showed that Melo set up a network of fake companies to divert money belonging to Corinthians, which is in financial difficulty.

Prosecutors have demanded that Melo and other suspects in the case repay about $7.2 million (Sh936 million) to the club.

The general assembly voted 1,413 to 620 to remove Melo, according to official results released by Corinthians, whose high-profile supporters include President Luiz Inácio Lula da Silva.

The seven-time Brazilian champions are currently 12th in the table. Their star players have included Garrincha, Rivelino, Socrates, Roberto Carlos and more recently, Javier Mascherano.

Melo brought in Dutch international Memphis Depay last year.