Parma set for bankruptcy and further demotion

Parma are set to enter bankruptcy after it was confirmed that no buyers had been found for the beleaguered Italian club.

The price tag for the financially-stricken outfit, who were docked points on three separate occasions last season for failing to pay staff, was set at €22.6million last week.

But, after former MLB All-Star catcher Mike Piazza withdrew his interest in Parma, the Serie B outfit - relegated from Serie A in the previous campaign - appear set for further demotion.

It is expected that Parma will likely drop into Serie D - the highest tier of amateur football in Italy - following the announcement.

A Parma statement read: "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.

"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."