Serie A club Parma have been declared bankrupt.
On Thursday it was confirmed that the Italian side have estimated debts of over 100 million euros. There are also fears that the club may not finish the season but they have time to find a new owner as president Giampietro Manenti was arrested for money laundering on Wednesday.
Parma have been experiencing financial problems for a long time even after finishing in the sixth place last season. They have been unable to pay salaries to their players and their captain Alessandro Lucarelli said:
„I believe it will end soon. I don’t think anyone can take it any more.”
The club are currently at the very bottom of the table with only 9 points after 25 games.