Parma sporting director Demetrio Albertini has said that he is confident the club will be able to bounce back after being officially declared bankrupt.
The Italian club have endured a troubled year of financial problems, which led to them them being relegated from Serie A last season.
However, as they have been unable to find a new buyer, they will have to start the new campaign in Serie D, which is the highest amateur division in Italy
"Obscene previous management dealt a serious blow to a glorious club representing an important city," Albertini told Adnkronos. "However, I'm certain that Parma will be able to lick their wounds, roll up their sleeves and start again.
"In the last three months we've been working hard to try and do what we can. We managed to secure the provisional budget, and brought the sporting debt down from €80m (56.7m) to €22m (£15.6m).
"We did that thanks to the players waiving debts. Unfortunately the two consortia [led by Giuseppe Corrado and Mike Piazza] had to take a step back, because they couldn't deal with the past and future liabilities of Parma."
Parma had spent six seasons in Serie A before their most recent relegation.
Alex Meyers
