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Serie A club Parma declared bankrupt by Italian court

PARMA (ITALY) — An Italian court has declared crisis-hit Serie A club Parma bankrupt with estimated debts of nearly €100 million (S$148 million).

Italian Prosecutor Michele Prestipino Giarritta, right, Colonel Cosimo Di Gesù, second right, Prosecutor Nello Rossi, second left, and lieutenant colonel Andrea Fiducia, left, attend a press conference in Rome, March 18, 2015. Photo: AP

Italian Prosecutor Michele Prestipino Giarritta, right, Colonel Cosimo Di Gesù, second right, Prosecutor Nello Rossi, second left, and lieutenant colonel Andrea Fiducia, left, attend a press conference in Rome, March 18, 2015. Photo: AP

PARMA (ITALY) — An Italian court has declared crisis-hit Serie A club Parma bankrupt with estimated debts of nearly €100 million (S$148 million).

Today’s (March 19) hearing in Parma 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 accountants Angelo Anedda and Alberto Guoiotto will oversee the proceedings.

It is not known whether Parma will be able to finish the season. There is a plan in place with the league’s governing body and the Italian football federation to fund the club for the rest of the campaign. AP

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