Financial struggles have finally taken their toll on the newly promoted side, and the Granets' officials have decided to take the most drastic of measures on Thursday

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Swiss outfit Servette have filed for bankruptcy, the club announced in a statement on their official website.This is the second time the Granets have ran insolvent in the last eight years, with the side being relegated to the third tier of domestic football in 2005 in similar circumstances."The last few weeks have been very difficult for all those who love Servette," president Majid Pishyar was quoted as saying on Servette's official web page."We have made every effort to ensure the future of the club. But, I have had to take a very difficult decision and have decided, with a broken heart, to file for bankruptcy. However, we will continue to fight for Servette."I have invited all the partners to take part in the success of the club. To my great sadness, only a minority have joined us. I thank them from the bottom of my heart."The news about Servette's bankruptcy is another cruel blow on the reputation of Switzerland's domestic football as last year Sion were handed a 36-point deduction for illegal registration of players.Furthermore, this past January Neuchatel Xamax were removed from the league after irregularities in the club's administration.