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 have n'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 .
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 .