Parma declared bankrupt with £72.4m debts amid fears club may not finish the season

• Parma declared bankrupt after just 10 minute court hearing
• Owner Giampietro Manenti not at hearing after he was arrested on Wednesday on charges of money laundering and embezzlement 
• Serie A side have not paid their players or staff in months 

By Pa Reporter

Published: 10:46 EST, 19 March 2015 | Updated: 13:31 EST, 19 March 2015

Crisis-hit Serie A club Parma were declared bankrupt on Thursday with estimated debts of 100 million euros (£72.4m).

It took just 10 minutes for an Italian court to make the decision and it is not known whether the club, who are bottom of Serie A, will now finish the season. 

However, 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. 

Parma's new president Giampietro Manenti was arrested for alleged involvement in money laundering

Parma's new owner and president, Giampietro Manenti, was not present following his arrest on Wednesday on charges of money laundering and embezzlement.

The court appointed accountants Angelo Anedda and Alberto Guiotto as receivers.

'I believe we'll play on Sunday against Torino,' board member Osvaldo Riccobene told reporters at the end of the hearing.

Parma's players and staff haven't been paid in months, with players having to do their own laundry and drive the team bus while games were postponed because the club could not afford stewards or police at their Tardini stadium.

Players also refused to play after Manenti failed to fulfil a promise to pay them by mid-February.

Captain Alessandro Lucarelli said: ‘I hope sooner or later this all ends because honestly we can’t take any more.’

Manenti became the third owner of Parma this season after purchasing the club for a nominal sum from a Russian-Cypriot group in February.  

According to La Gazzetta dello Sport, Manenti is under investigation for various acts of financial irregularity including money laundering and fraud.   

Parma captain Alessandro Lucarelli (left) admits the players are struggling to deal with the club's predicament

A look in to the season at Parma, what could be their last

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