Serie A side Parma have officially been declared bankrupt by an Italian court with estimated debts of 100 million euros (£72.3m), reports Sky Sports. Thursday's hearing in Parma lasted only 10 minutes in front of judge Pietro Rogato.
Parma owner Giampietro Manenti bought the club for one euro in February, but was not present following his arrest - along with 21 other people - on Wednesday on charges of money laundering and embezzlement.
Parma have already changed hands twice this season and on both occasions the buyers, a Russian-Cypriot conglomerate followed by the Slovenia-based Mapi group, were shrouded in mystery.
The 1999 UEFA Cup winners are currently bottom of the league and have already been docked three points this season for failing to pay their players on time.
Two of their recent fixtures were called off due to the row over unpaid wages and last week the club were loaned 5m euros (around £3.5m) by the other Serie A clubs to help them complete the season.
It is not yet known whether Parma will be able to fulfil the remainder of their fixtures this season. If they are unable to do so the games will be awarded as 3-0 victories to their opponents.
