Italian club Parma will have to start from Serie D next season under a new name after announcing bankruptcy on Monday.
The Gialloblu club failed to find a buyer to complete a deal with their administrators to save the debt-ridden outfit.
A statement from Parma read: "The administrators of Parma FC Dr Angelo Anedda and Dr Alberto Guiotto announce that, at 14.00 of today, June 22, 2015, no offer has been made to purchase the sports club.
"In the coming hours, the administrators will meet with the committee of creditors and the empowered judge Dr Pietro Rogato to make the necessary decisions regarding the procedure of bankruptcy and a provisional accountancy period."
Parma were officially declared bankrupt earlier this year but were able to end the 2014-15 Serie A campaign thanks to a bail out from the Lega Serie A.
Former American baseball player Mike Piazza made a bid to acquire Parma but pulled out on Monday, hours before a court deadline.
In a statement to the Italian press, Piazza wrote: "It is with great sadness and regret that I have to announce I am abandoning negotiations to buy Parma FC.
"I understand and share the disappointment of the Parma fans for this decision.
"Together with my co-investors on the project, we did not feel the necessary investment to cover the current and future debts of a squad whose foundation has been strongly compromised was sustainable."
Parma finished sixth in Serie A last season but were not granted a UEFA licence by the Italian Football Federation to compete in the Europa League due to financial irregularities.
The club was beset by financial problems throughout the season.
Parma also struggled on the pitch, winning just six of their 38 matches to finish bottom of the standings.
Founded in 1913, Parma won two UEFA Cups and a Cup Winners' Cup during the 1990s and lifted the Coppa Italia three times.
Parma finished runners up to Juventus in Serie A in the 1996-97 campaign.