After president Giampietro Manenti was arrested yesterday, Parma had their day in court this morning. The Ducali chose not to fight the bankruptcy proceedings meaning the verdict was a certainty. This morning’s hearing lasted just 10 minutes, and hours later the news came that Parma would be declared bankrupt.
The Emiliani have well over 100 million euros of debt outstanding and players and staff have failed to be paid all season, the club has also switched hands twice in as many months for one euro each both times. Today’s verdict triggered an emergency loan fund from Lega Serie A which will enable Parma to see out their remaining fixtures for the rest of the season in Serie A.
The court today named Angelo Anedda and Alberto Guiotto as administrators and they will be tasked with finding new owners for Parma. If new owners are found they will have to pay at least £70 million sporting debt to enable The Ducali to continue and play in Serie B next term. Failure to find new owners will see the end of Parma FC as we know them and they will be forced to drop down to Italy’s fourth division under a new name.
By Giovanni Dougall