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Reports coming out of Italy suggest that Parma have been dissolved, just a day after the cash-starved club was forced to postpone its Serie A game with Udinese while an 11th-hour attempt to save the club was underway.

The club have reportedly racked up a debt of €197 million and were forced to call off Sunday's game because they couldn't afford to pay stewards to attend the match at the Stadio Ennio Tardini.

Owner Giampietro Manenti hasn't paid players or staff at the club, currently sitting rock bottom of the table with just 10 points, for the majority of the season.

But now that cash reserves have finally run out, the Italian Football Federation has been forced to dissolve the club and automatically relegate them.

(Image: Marco Luzzani)

According to Parma youth team coach Hernan Crespo, the situation has gotten so bad at the once proud club that they can't even afford bottles of water during training sessions.

While no official confirmation has yet been given, it is understood that all of Parma's remaining games this year will be recorded as 3-0 losses.