Serie A club Parma have been declared bankrupt after a court hearing on Thursday.
The Emilia-Romagna club have failed to pay wages and taxes since last July and, with the club's new owner Giampietro Manenti unable to provide any guarantees over resolving their financial difficulties, bankruptcy was inevitable.
Thursday's meeting in Parma lasted only 10 minutes in front of judge Pietro Rogato.
Osvaldo Riccobene, who was representing Parma at a hearing on Thursday in the absence of Manenti, who was arrested on Wednesday, explained that he was given a mandate not to oppose the declaration.
"It was a brief hearing, as we expected," said Riccobene, as quoted by La Gazzetta dello Sport. "The state prosecutors has requested [the declaration of] bankruptcy. We did not oppose this.
"Parma Calcio is the debtor, not Manenti. Manenti made a declaration in which he renounced his presence at the hearing, so the hearing was absolutely in order.
"The next step will be for the judge and president of the tribunal to declare the bankruptcy, then the administrator will take care of the situation."
Parma have been declared bankrupt.
- James Horncastle (@JamesHorncastle) March 19, 2015
That happened shortly after Riccobene's exit from the courtroom with Dr Alberto Guiotto and Angelo Anedda named as the two administrators.
One of their first duties will be to try to see the club through to the end of the season. It was announced on Thursday that the club had overall debts of €218 million which creditors will now try to recoup, according to La Repubblica.
The Associated Press, meanwhile, estimates the debts at around €100 million.
"I still think Sunday's game [with Torino] will go ahead," added Riccobene. "But that's just my presumption. If they don't take to the field, then it would cause tremendous damage. There should be the conditions to play at least this game."
Parma have already called off two of their recent Serie A fixtures, against Udinese and Genoa. Those games were on Wednesday rescheduled for April 8 and 15.
The Italian Football Association (FIGC) recently suggested it would cover the club's costs until the end of the season to ensure the regular conclusion of the Serie A season. These payments would then be deducted from the parachute payment the club would receive following relegation.
Parma have picked up just nine points so far this season while a further two points are due to be deducted for the failure to pay wages and taxes up to February.
Information from the Associated Press was used in this report.