Parma racked up staggering debts of over €218million it has been confirmed on the day the Serie A club were declared bankrupt.
The full extent of Parma's financial malaise has revealed crippling debts totalling in excess of €218million after the financially stricken Serie A club were officially declared bankrupt.
It was confirmed on Thursday that the Bankruptcy Court of Parma had named Angelo Anedda and Alberto Guiotto as the club's official receivers, following the announcement the club were made bankrupt.
Parma's money troubles this season have been well documented, with the team having been hit with two separate points deductions for failing to pay players and seeing two matches postponed as they struggle to even cover matchday costs.
The court announced that Parma's total debts amounted to a staggering €218,446,754.61, while the tally owed to players is more than €74million.
Serie A and the Italian Football Federation (FIGC) have both confirmed to Perform that the league has set aside €5million as a provisional budget to allow Parma to complete the remainder of the season.
Parma's problems off the pitch - which include reports that president Giampietro Manenti had been arrested on suspicion of money laundering earlier this week - have been replicated on it with team winning just three league matches all season.