ROME: Parma, former winners of the UEFA Cup and the Cup-winners Cup, are on the brink of bankruptcy and midseason collapse out of Italy’s Serie A.

Sunday’s game against Udinese has been postponed indefinitely on order of the Parma prefecture despite an initial denial by the club before confirmation bu the Italian footall federation.

The FIGC had proposed playing the game behind closed doors but this was rejected by the coaches’ and players’ associations.

New Parma president Giampietro Manenti – who took over from Tommaso Ghirardi last year – had tried in vain to come up with funds to pay off the club’s immediate debts which are estimated at €16m. A bankruptcy hearing is set in the city’s civil court on March 19.

Cub captain Alessandro Lucarelli said the players were ready to consider any options to try to maintain the club.

He said: “We are prepared to do what may be needed in the event that the current president cannot meet the club’s financial commitments. The most urgent thing is to save the club. We will be happy if that can be Mr Manenti, if not we will work with other institutions to find an alternative plan.”

If the ownership company is declared bankrupt then all Parma’s results this season are likely to be expunged from the records.

The ‘sports title’ will then be put out to tender and a new club with a similar name will have to drop down into the amateur leagues and start all over again.