Parma

Parma to drop down to amateur leagues following bankruptcy

By Danielle Joynson, Staff ReporterPublished: 22 June 2015 12:46 PM

Parma are officially declared bankrupt, meaning that they will drop down to the amateur leagues following last season's relegation to Serie B.

Parma will have to build their way back to Serie A from the amateur leagues after they were officially declared bankrupt on Monday.

The Italian outfit had been desperately searching for a new buyer after they racked up more than €100m (£72.2m) in debt last season.

Baseball legend Mike Piazza was a potential new investor, but he recently decided against putting his money into the club prior to the deadline.

A statement from the club read: "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.

"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."

As a result of the financial difficulties, Parma, who were relegated from the top flight at the end of the 2014-15 season, will be unable to register for Serie B.

The club will have to begin the new campaign in Serie D, which is the highest amateur division in Italy.