Italian side Parma have been relegated to Serie D after the club failed in their bid to find a buyer who could relieve them of their debt.
“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,” said a statement on the club’s website.
“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.”
The news means that the Ducali will not be able to register for next season’s Serie B, following their relegation at the end of the season just passed.
A new Parma entity will have to begin again from Serie D, the highest amateur league, and attempt to work their way back up the divisions.
It’s a remarkable fall from grace for a club that won the Coppa Italia as recently as 2002 and the Uefa Cup in 1999.