Parma declared bankrupt

Serie A side Parma were declared bankrupt by an Italian court on Thursday.

The hearing in Parma lasted just 10 minutes before judge Pietro Rogato declared the 101-year old club insolvent.

The ruling, which is posted on www.fallimentiparma.com was not heard by Parma owner and president Giampietro Manenti.

Manenti was arrested on Wednesday on charges of money laundering and embezzlement.

Local accountants Alberto Guoiotto and Angelo Anedda were appointed by the court to oversee the bankruptcy proceedings.

Parma, as stated at the hearing, have a debt of 218million euros.

Manenti took over as Parma's new owner last month after promising to pay off the club's debts but he failed to provide the capital that was needed to keep Parma FC afloat.

Parma's players and staff have not been paid since July and the club's lack of finance led to two of their Serie A games being postponed last month.

Parma host Torino on Sunday with the Serie A and the Italian Football Federation (FIGC) having already set up a plan for the Gialloblu outfit to be able to finish the season.

The Ducale club finished sixth in the 2013-14 campaign but missed out on Europa League football after failing to meet UEFA's club licensing criteria due to unpaid bills.

The two-time UEFA Cup winners, who have also won the Coppa Italia three times, are coached by former Italy tactician Roberto Donadoni.

Parma have won just three games this season and lie at the foot of the standings, 16 points adrift of safety.

The team has 12 games left to play, including the two that have been postponed.