So it is official. Parma Football Club have been declared bankrupt by the court this afternoon, taking just 10-minutes to make their verdict.
The club are crippled by debt and have been punished on and off the field all season long, but today a court announced that they are officially bankrupt and could become extinct as soon as the end of the season.
It all went wrong for the Serie A side last season after they finished 6th, but were banned from competing in Europe due to unpaid bills. Their exclusion from the Europa League was then followed up by new owners taking over, claiming they can save the club from their financial crisis but failing to do spectacularly.
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In fact, two of them have now been banned from footballing activities for four months due to their improper ownership of the club during their brief stint.
To make things worse, Parma's latest owner Giampietro Manenti was arrested earlier this week due to money laundering.
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Debts are out of control
The court heard today that the historic club are current in debt worth nearly £100million and are struggling to operate on a day-to-day basis and are finding it increasingly difficult to fulfill their league responsibilities.
On the pitch, Parma are rock bottom of Serie A and have had to forfeit two matches in recent weeks due to financial reasons. The first game was forfeited as they couldn't afford to hire stewards for the match, whilst the second one was cancelled because the players refused to play due to not being paid.
The club announced a couple of months ago that they will no longer be running hot water at the training ground so the players will have to wash their own kits, and they also revealed plans to auction off memorabilia from the training ground to the public in hope that they can raise some immediate funds.
However, £100m of debt isn't easy to get rid of and the club are facing an uphill battle to survive.
After making a vote, the remaining Serie A clubs decided to help out Parma by giving them £5million, which should be enough to see the club out for the rest of the season.
If Parma can complete the rest of the season then they may be able to rescue themselves over the Summer, but as it stands, the historic club faces a drastic conclusion with demotion to amateur leagues and extinction a real possibility.
The Italian outfit will be relegated to Serie B if they compete in their remaining games, but with the court labelling them bankrupt, there may be no way out for the once European Winners.