Parma, June 22 (IANS): Italian football club Parma FC has been declared bankrupt and demoted to Serie D from the first division Serie A, a court confirmed on Monday.

Serie D is the fourth tier of Italian football and the highest amateur division, with ninth-tier Terza Categoria the lowest division of the league.

The outfit finished sixth in the Serie A league in 2013-14 but was excluded from participating in the Europa League over financial issues which set off a chain of ownership changes.

The off-field turbulence permeated to the team's on-field performance as well as they endured a dismal performance in the recently concluded season where the club finished at the bottom of the league table, reports goal.com.

After the deadline for new ownership bids passed without much interest and former baseball player Mike Piazza - the only serious bidder - withdrawing on Monday, officials decided to demote them to the amateur league division rather than the second tier.

"The administrators of Parma communicated that as of June 22, 2015, no offers have been received for the sporting rights of the club," a statement from the Creditors' Committee confirmed on Monday.

"In the coming hours the administrators will meet with the creditor’s committee and the bankruptcy judge Dr Pietro Rogato to make the necessary arrangements for the bankruptcy proceedings."