PARMA, Italy (AP) -- Bankrupt club Parma will have to play in the fourth tier of Italian football after no buyer was found by the deadline.
Parma's hopes of avoiding demotion to the amateur division were all but ended when former Major League Baseball player Mike Piazza pulled out of talks on Monday morning, shortly before the deadline for the club to be sold.
A Parma statement says "no offers have been received for the sporting rights of the club."
The club adds that "in the coming hours the administrators will meet ... to make the necessary arrangements for the bankruptcy proceedings."
In March, Parma was declared bankrupt with debts of more than 200 million euros ($220 million).
The club finished last in Serie A and would normally have been relegated to the second division. But Parma must now start over in the fourth division.