Serie A club Parma have officially been declared bankrupt following a court hearing on Thursday afternoon.
The Gialloblu have over €213 million worth of debts and have failed to pay players and staff since the summer, as well as being sold twice in the last two months for €1 on each occasion.
The Court in Parma has now appointed Angelo Anedda, President of the order of Chartered Accountants of Parma, and Alberto Guiotto, Commission President of the National Council of Certified Accountants and Accounting Experts, as receivers.
Anedda and Guiotto will first look for new owners for the team, who are required to pay at least €73m in sporting debts, allowing the club to rebuild from Serie B, under the Parma name.
However, if new owners aren’t found then Parma will be dropped down to Italy’s fourth tier, under a different name.
An emergency loan fund of €5m was agreed with Lega Serie A and should now be made available so Parma can fulfil their fixtures for the rest of the season.
