Italian Club Parma Declares Bankruptcy
Parma have been declared bankrupt and will be forced to drop down to Serie D, a court has confirmed.
The Italian club finished sixth in Serie A in 2014 but rejection from the Europa League over financial issues set off a series of ownership changes and problems which led to them finishing bottom of the league last season.
After the deadline for new ownership bids passed without any interest – the only serious bidder, former baseball star Mike Piazza, withdrew on Monday morning – officials declared Parma would be demoted to the amateur divisions rather than the second tier.
“The administrators of Parma, Dr Angelo Anedda and Dr Alberto Guion, communicated that as of June 22, 2015 no offers have been received for the sporting rights of the club,” a statement from the Creditors’ Committee confirmed.
Serie D is the fourth tier of Italian football and the highest amateur division, with ninth-tier Terza Categoria the lowest they could have sunk.