Italian soccer club Parma has been declared bankrupt by the country's courts, according to the the Associated Press.
The AP reports that that the bankruptcy hearing only lasted ten minutes.
The club is said to have about €100 million (approximately $110 million) in debt, according to the AP. Italian newspaper, La Repubblica is reporting that number could be as high as €218 million (approximately $230 million). On Wednesday, the owner of the club, Giampietro Manenti was arrested on money laundering charges
Parma is currently last in the Serie A standings.
- Erick Fernandez