Italian club Parma have declared bankruptcy and will now be forced to start anew from Serie D, the nation’s highest amateur division.

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Parma Officially Declared Bankrupt

Monday, June 22

“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,” read an official statement on the Parma website (h/t Ian McCourt of the Guardian). “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.”

McCourt’s article notes two potential buyers pulled out before the deadline, one on Sunday and the other on Monday.

Although recently relegated from Serie A, Italy’s top flight, Parma cannot compete in Serie B during the 2015-16 season. Instead, a new incarnation of the club must work away from the professional scene when the new campaign arrives.

Parma finished bottom of Serie A in 2014-15 with just 20 points from 38 matches, despite securing home wins over the likes of Inter Milan, Fiorentina and champions Juventus. The side’s last victory in the division came on April 26, when Antonio Nocerino’s penalty saw them beat Palermo 1-0.

The closest the club has come to winning Serie A was in 1996-97, when they finished two points behind Juve. Three Coppa Italia victories arrived across a decade from 1992, while Parma also won the UEFA Cup in ’95 and ’99.

BBC journalist John Bennett is one of many who remembers arguably the club’s greatest side:

B/R UK provided another poignant team shot:

Parma supporters may take heart from Glasgow Rangers, who were relegated to the Scottish third division after going into liquidation in 2012.  They recently missed out on a third successive promotion and entry into the Scottish Premier League via a playoff defeat to Motherwell.

A new era now looms for Parma. The likes of Antonio Cassano, Raffaele Palladino and many others are likely to move on to help the club start afresh.

Although it was a necessary step, supporters of the Ducali will want to see the foundations of the club kept intact before the new journey begins.  

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