Italian side Parma have been declared bankrupt, and have been relegated to the Serie D as a result, the court confirmed. The Gialloblù were unable to find an owner who could relieve the club of their debt.

“The administrators of Parma FC, Dr Angelo Anedda and Dr Alberto Guion, communicated that as of 14.00 today, June 22 2015, no offers have been received for the sporting rights of the club,” said a statement on the club’s website.

“In the coming hours the administrators will meet with the creditor’s committee and the bankruptcy judge Dr Pietro Rogato to make the necessary arrangements for the bankruptcy proceedings.”

 

Monday was supposed to be the deadline for any potential bids to save the club, but after former baseball star Mike Piazza withdrew earlier today, officials declared Parma would be demoted to the amateur divisions.

Serie D is the first of the six non-professional leagues in association football league system in Italy, Terza Categoria being the lowest possible division.

The once rich Gialloblù have never won the Serie A, although they have two UEFA Cups and a Cup Winners’ Cup to their name.

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