Parma FC will be playing in the fourth-tier of Italian soccer next season as no new buyer was found by a deadline.
The long-time Serie A side, who were relegated to Serie B amid massive financial problems during the 2014-15 season, announced on Monday that they would be filing for bankruptcy.
[ RELATED: Ramos to Man United? ]
Back in March the northern Italy outfit was declared bankrupt and has debts of over $220 million.
Parma’s last hope of being saved was a proposed deal from former Major League Baseball player Mike Piazza, but when he pulled out no other potential bidders have since contacted the club.
Financial meltdown is nothing new to Parma as the previous incarnation of the club, Parma A.C., was dissolved in 2004 when the parent company Parmalat collapsed amid scandal. The team was placed into administration for three seasons but less than 10 years later they have once again fallen on hard times and will have to rebuild from the amateur league’s.
Here is the statement from the club as the future looks bleak for the team who won the Europa League twice in the 1990s.
Insolvency of Parma FC SpA – Dr. Anedda and Dr. Angelo Alberto Guion communicate that at 14.00 today June 22, 2015 has not received any offer for the acquisition.
In the next hours the curators will meet with the Committee of Creditors and the Bankruptcy Judge Dr . Pietro Rogato for the necessary arrangement regarding the bankruptcy proceedings of the company.
It is a sad day for Italian soccer, as one of the teams who rivaled the perennial giants throughout the 1990s has fallen to its knees once again.
This time, they will be in Serie D and have to grind through three league’s until they can be back in Italy’s top-flight.
Parma’s former players include the likes of Hernan Crespo, Gianluigi Buffon, Fabio Cannavaro, Juan Sebastian Veron, Lilian Thuram and Gianfranco Zola.