Serie A strugglers Parma have officially been declared bankrupt by an Italian court, with debts estimated to total as much as 100 million euros (£72.3 million).

A hearing in Parma only lasted ten minutes in front of Judge Pietro Rogato, with Parma owner Giampietro Manenti failing to attend following his arrest on Wednesday.

Having bought the club for one euro back in February, Manenti was one of 22 people to face charges of money laundering and embezzlement earlier in the week.

Troubles have lingered at Stadio Ennio Tardini for some time, with the club already changing hands twice this season. To add to the supporters’ woes, both owners have been shrouded in mystery, first a Russian-Cypriot conglomerate followed by the Slovenia-based Mapi group.

Despite finishing in a respectable sixth place last season, the 1999 UEFA Cup Winners are currently bottom of Italy’s top flight – having already been deducted three points this season for failing to pay players on time.

Two recent fixtures were called off as a result of the confusion behind unpaid wages, as the club were last week loaned a sum of 5 million euros (£3.5 million) by other Serie A sides in an attempt to complete the season.

Uncertainty remains over whether Roberto Donadoni’s side will fulfil the remainder of their fixtures this season, which could see all opponents awarded a 3-0 victory if they fail to do so. Should they manage to complete the season, the side are expected to drop to Serie B, with just nine points from 25 games this season.

Despite their impressive finish last season, the Italian outfit were barred from featuring in the Europa League this season as a result of financial irregularities.

Parma currently have eighty players out on loan, with a further ten under co-ownership and another twenty under contract with the club but not featuring.

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Kane Brooker
Kane is an 18-year-old Sports Journalist who predominantly covers Manchester United FC while having a heavy involvement in the Boxing office. Having joined the VAVEL team back in October 2014, he has previously featured for Sky Sports News while writing regularly for The Non-League Paper. Kane is also the club reporter, programme editor and press and communications officer for Walton Casuals Football Club.