New club Parma Calcio 1913 approved to play in Serie D

PARMA, Italy -- A new Parma club backed by pasta maker Guido Barilla and other business executives have been approved to compete in Serie D after the previous squad went bankrupt.

The Italian football federation chose the team named Parma Calcio 1913 -- after the founding year of the city's original squad -- over another entrant led by Giuseppe Corrado, who runs a national cinema chain.

Parma Calcio 1913 have the backing of the city's mayor.

In March, Parma were declared bankrupt with debts of more than €200 million. After finishing last in Serie A, Parma were disbanded when no buyer came forward willing to take on the debt.

The new team's president is former coach Nevio Scala, the 67-year-old who led Parma to three European trophies in the 1990s.