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 2013-14 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 in the recently-concluded campaign.
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 which their relegation would otherwise have meant.
“The administrators of Parma, Dr Angelo Anedda and Dr Alberto Guion, communicated that as of 14.00CET on June 22, 2015 no offers have been received for the sporting rights of the club,” a statement from the Creditors’ Committee confirmed.
“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.”
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.