Cash-strapped Serie A club Parma were declared bankrupt by a tribunal on Thursday.
Club official Osvaldo Riccobene told reporters following the tribunal: "The club's creditors called for bankruptcy, which was accepted by the prosecutor of the Republic."
In the absence of Parma chairman Giampietro Manenti, Riccobene and another official Enrico Siciliano represented the club at a scheduled hearing to decide its future.
Manenti and 21 other people were arrested Wednesday on money-laundering and other charges, police said.
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