Italian club Parma has announced bankruptcy after the "last remaining potential investor pulled out of buying the debt-stricken club" only hours before a deadline to complete a deal with the club's administrators, according to Ben Gladwell of ESPN. Parma was officially declared bankrupt earlier this year, although Serie A "advanced a relegation parachute payment" to enable the club to reach the end of the season. Parma was relegated to Serie B, but after it confirmed that "no parties had come forward to buy the club and take on the debts," it will have to start out again from "even lower down the footballing pyramid in Serie D." Former MLB player Mike Piazza was Parma's "last hope of surviving, but he pulled out on Monday, just hours before the deadline to save the Italian club." Piazza said in a statement, "It is with great sadness and regret that I have to announce I am abandoning negotiations to buy Parma FC. I understand and share the disappointment of the Parma fans for this decision. Together with my co-investors on the project, we did not feel the necessary investment to cover the current and future debts of a squad whose foundation has been strongly compromised was sustainable." Parma will be relegated to Serie D -- Italy's fifth division -- for the first time in 45 years. Brescia, which was relegated from Serie B last season, "will be reinstated to the Italian second division as a result" (ESPN, 6/22). FOOTBALL ITALIA reported Gilberto Gerali, one of the members of Piazza's consortium, said that "too few guarantees" from the Italian Football Federation (FIGC) caused their bid to buy Parma to "collapse." Gerali: "I was on the phone until late with Mike and his partners, and they felt this investment was not sustainable or realistic. The doubts were related to numbers: operating costs, future contracts still outstanding and FIGC gave too few guarantees. Could Piazza take over in Serie D? There's been talk of that, and it's premature to talk about it, but there's still a small window of opportunity" (FOOTBALL ITALIA, 6/22). In London, Ian McCourt reported Parma said in a statement, "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" (GUARDIAN, 6/22).
