Modena’s bankruptcy filing will be presented today, the 20th team to go bankrupt in the past five years.
It was officially confirmed yesterday that the Canarini have been thrown out of the Lega Pro, having failed to turn up for four matches this season.
The team has been barred from the Stadio Alberto Braglia, and the players are on strike having not been paid all season.
Today the club’s bankruptcy filing will officially be presented, allowing all the players to leave on a free transfer.
Power over a successor club will then transfer to the city’s mayor, who will have eight months to appoint new owners to start a new Modena side in Serie D.
However, the Emilian side are far from the only club to go to the wall in recent years.
While the running of the top sides has improved markedly since the days of Fiorentina, Napoli and Torino being refounded, further down the leagues financial problems are very common.
While Parma’s collapse in 2014-15 attracted a lot of attention as they were in Serie A, the last five years have seen 19 other clubs collapse into bankruptcy.
Siena, Como and Latina have all been declared bankrupt in the past two years, as well as Modena.
The Lega Pro spent over €500,000 to keep the Canarini running, despite the fact they had only registered for the season on day of the deadline, hadn’t paid their players and had nowhere to play.
There are now calls for more serious criteria to register, with accusations that the lower leagues have too many teams competing for too little money.
In Serie B last year, Pisa were deducted a total of four points for failing to pay their players on time, while Latina were declared bankrupt with debts of over €6m at the end of the season.
Thanks to the Petrucci law adopted by the FIGC and CONI in 2004, clubs which go bankrupt can start again with a new company, while retaining their history.
However, they must play in the same city, with the mayor deciding who leads the successor club and they must start from Serie D, the highest amateur league.