Parma president arrested for money laundering

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Things can’t get much worse for Parma.

The Italian club was already over $200 million in debt and on the verge of bankruptcy before Giampietro Manenti was arrested for money laundering earlier today.

[ RELATED: Parma receive $5 million loan ]

Manenti, who bought the troubled club for $1 last month, was one of 22 people arrested across Italy in a sting operation.

A statement from Italian law enforcement agency Guardia di Finanza claims the 22 were arrested “for crimes of embezzlement, conspiracy, computer fraud, use of cloned payment cards and mafia-style money laundering.”

Manenti came out earlier this week and said he had no intentions to sell the club, despite the fact that he is yet to pay off any of the debts he promised to clear when he bought Parma.

[ RELATED: Parma docked points for second time this season as financial woes continue ]

Now Manenti may be forced to sell, as the club is set for a bankruptcy hearing tomorrow with officials to determine whether or not they will be forced to disband due to the financial situation.

Parma sit dead last on the Serie A table, 12 points behind their nearest competitor. The club has already been docked points on two separate occasions this season for failing to pay the players.

Club captain Alessandro Lucarelli has called the entire situation “disgusting,” with two matches already cancelled due to the ongoing crisis.