Parma have been relegated to Serie D after the club failed in their bid to find a new buyer who could relieve them of their debt, reports The Guardian.

"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," said a statement on the club's website.

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

The Ducali were relegated after finishing bottom of Serie A last season and were declared bankrupt by an Italian court in March.