Parma declared bankrupt; ...relegated to amateur league

Parma have started bankruptcy proceedings and will begin the 2015-16 season in Serie D after no new buyer for the club was found by their deadline.

Former baseball player Mike Piazza was linked with a takeover of the club but he withdrew from talks on Monday, meaning their hopes of avoiding demotion to the fourth tier were ended.

'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,' Parma said in a statement on their website Monday.

'In the coming hours the administrators will meet with the creditors' committee and the bankruptcy judge Dr Pietro Rogato to make the necessary arrangements for the bankruptcy proceedings.'

They were declared bankrupt in March with debts of £278.5million.

They finished bottom of Serie A last season, with 19 points from 38 games.

Credit: Jack Bezants/SportsMail