during the Serie A match between AS Roma and Parma FC at Stadio Olimpico on February 15, 2015 in Rome, Italy.

BREAKING: Serie A’s Parma suspends operations due to bankruptcy

Some sad news today, many reports say Serie A team Parma has suspended operations due to being bankrupt. Parma’s games that they can’t play in will automatically be forfeited and their opponents will receive 3-0 wins. It was reported at first that the team would be dissolved and while that’s still a possibility, it’s not true as of now.

Parma FC was formed in 1913 and were known as one of the oldest teams in Italian soccer. Their greatest successes came in the 10 year period of 1992 to 2002. There, Parma gained the reputation of having a great youth squad. That was proven when they won the 1999 Supercoppa. That roster had notable young players like Gigi Buffon, Marco Di Vaio and Hernan Crespo.

In total, Parma had won three Coppa Italia’s in 1992, 1999 and 2002), the 1999 Supercoppa Italiana and the 1995 and 1999 UEFA Cup’s (Europa League). Over the past decade, the team has gone into financial trouble and have had various new owners.

Parma joins a list of teams who have been in serious financial trouble. Notable teams in financial trouble over the last couple decades include Wimbledon FC, Leeds United, Portsmouth and Rangers. While Leeds, Portsmouth and Rangers have been able to survive to see another day, Wimbledon did the unthinkable in European soccer and dissolved in 2004 to move the team and form as MK Dons in Milton Keynes. AFC Wimbledon was formed as a result by supporters of the old team and are currently in League Two. They are known for John Green as being a sponsor and the big man, Adebayo Akinfenwa as the striker.

Today, Parma was unable to play against Udinese and were forced to forfeit. They cannot afford their staff, the players haven’t been paid since July and they stand 96 million Euros in debt. There remains hope that money will come in and the team can stay afloat so they can still survive. That would be the best case scenario and even if that’s the case, they are still almost guaranteed to be relegated into Serie B. Worst case scenario, there would be no more Parma and their 101 year history would exactly be that. History.

(Football-Italia/ESPN FC)

About Phillip Bupp

News editor for The Comeback and Awful Announcing, highlight consultant for Major League Soccer as well as a freelance writer for hire. Opinions are my own but feel free to agree with them. Follow me on Twitter @phillipbupp