Serie A club Parma declared bankrupt by Italian court

Crisis-hit Serie A club Parma was declared bankrupt by an Italian court yesterday with estimated debts of nearly USD110 million. The hearing in Parma was uncontested and lasted only 10 minutes in front of judge Pietro Rogato. Parma’s new owner and president, Giampietro Manenti, was not present following his arrest the previous day on charges of money laundering and embezzlement. Local receivers Angelo Anedda and Alberto Guoiotto were appointed to oversee the proceedings. “We have spoken with the staff and we will meet the squad later in the afternoon,” said Osvaldo Riccobene, a representative of the board of auditors. “We will try to keep the true values of the club, or rather some of their staff, the players, and we will try to keep also the property value of this club, for the same staff and for the receiver,” he added.