This is the result of a sleepless night after defeat. Please be gentle with me. It is only my third forum post ever. The other two were not very popular (one of them was a long long time ago here) and I developed a forum-post-phobia over the years. Sorry it's so long, I promise not to write for another long long time in return!
Looking back in time, I believe the new Juve board has actually done very well. I do not like their style and direction, but they have certainly done what they wanted efficiently. They wanted to build a self-sufficient, young and popular team that plays attractive attacking football. They are on their way. I'm old fashioned and I like a traditional tactical team of veterans who play tough football and win by one goal, but they don't make teams like that anymore.
You may not accept it or like to hear the fact, but we actually have most ingredients for a young and successful team, a new generation, whatever. Greatest keeper on the planet, some young and great players in Chiellini, Sissoko, Diego, Marchisio, Giovinco, Cáceres, (Felipe Melo anyone?) ... and some great veterans like Del Piero, Iaquinta, Camoranesi, Trézéguet, …
Add a couple young defenders (like Ranocchia, Kjær or Criscito), a deep-lying playmaker (can't think of any), a wide attacker (someone in the mold of Cassano or Hamšík although I hate both of them, I like Podolski more to be honest) and you've got a great team with enough depth. And you can be certain the club have enough money each transfer period to reinforce the squad (with some hits and misses) like they did up until now. And they have invested in a new stadium at the same time too. All we need is continuity and a little bit more time.
My list of 5 unforgivable mistakes made by Juve board:
1- Letting go of Deschamps
I still do not know what happened there. Many explanations exist, like differences with Secco over transfer policy (he didn't want Tiago and Almiron?). Personally I believe he wanted to clip the wings of senior players and asked for backing of the board. Anyway and whichever the reason, making him resign was a very big mistake. Either case he was right, Tiago and Almiron were bad signings; and Juve locker room has never been united and behind coach ever since. This team cannot get out of trouble, because coach doesn't have security on the bench anymore, and players can actually slack knowing someone else will get the blame.
2- Buying Tiago
He was bad in Chelsea and bad in Lyon. Buying him was the first of many compromises the board made in transfer market, Sissoko not available, okay buy Tiago instead. Each and every time they later realized the compromise was not good enough and had to buy the main target in another transfer window. As the English say “I don't have enough money to buy cheap.”
3- Letting go of Ranieri
He was actually over-achieving with the team. If the board stayed behind him in that time of trouble, which was the second time they didn't support their coach (first being Deschamps) which I believe have weakened Juventus bench for a long time to come, the team would learn to get out of its problem by hard work and unity. Unless a team does that, and find that unity and character to come back, you have to change coach after every dip in form and you never can have continuity, thus you become

.
I remember once Wenger was offered the bench of Real Madrid after they sacked a couple coaches, he didn't accept, saying that if you change so many coaches and you still lose, maybe your problem is not the coach.
4- Signing Ferrara
They wanted a young, energetic, fresh and attacking side. So what's the best choice? A young and fresh coach. Huge huge mistake there. In that summer we saw van Gaal to Bayern, Delneri to Sampdoria, Ancelotti to Chelsea...
Now it is proven a young coach was not a good idea, but it’s a little late, the damage has been done. Juve bench is no more a stable and steady place, and a coach does not have enough time to build anything worthwhile there. If we bring in a new coach, can we be sure he won't be sacked the first time a dip in form happens? Can anyone (including coach and players) count on continuity? I don't think so. Not anymore. Not after three sackings in four years.
It seems we had a few problems in the locker room too (with Ranieri and Deschamps). Politically, we needed a coach with unquestionable authority to stay for a long time. But we made a gamble and assigned an untested unproven coach. It was a mistake to take a gamble after Ranieri and Deschamps.
5- Letting go of Zanetti
The only thing missing in Juve this year (except a pacey defender) is a midfielder who can dictate the tempo of the play and distribute the ball. We had one; we didn't think it useful and sold it for peanuts. To a rival too. Ferrara was actually stupid enough to tell a host of useful players they are not welcome in his team. Most of them left (like Almirón, Zanetti and eventually the really useless Tiago), but the one who had the guts to stay to prove himself (Poulsen) became very useful indeed. He has been the most consistent Juventus midfielder this season.
I believe they sold Zanetti because they thought at his age he will pick up another injury and miss most of this season too. It was a season-ruining mistake. The only thing that I claim to know about football is that
you can never ever have too many midfielders (except Tiago of course).
So, what’s the verdict? Shall we sack Ferrara or not?
Was he any apt coach I would have no doubt to stay with him. If we keep Ciro, I'm sure he can get his team out of this mess and given patience and time create a genuine Champions League challenging side out of it (in two or three years’ time). But if we sack him, the replacement better be a very lucky master and genius (Hiddink?) or this sorry circus will definitely happen next season and everyone will be calling for the poor replacement's head after a couple defeats.
Reviewing this long post I made (which I apologize once more for it), I can conclude not the board nor the coach are to blame. They all made small forgivable and fixable mistakes. I think us the fans are to blame because we cannot accept reality and do not have enough patience for the team to blossom. Look at Milan, this is their second (or third) year rebuilding, and they are still a work in progress.