Piacenza Calcio has officially gone bankrupt, ending a 93-year history in Italian football that included long Serie A spells.
Today lawyer Franco Spezia and accountant Filippo Giuffrida have been appointed to lead the club through its bankruptcy proceedings.
The point of no return was reached after owner Fabrizio Garilli opted not to oppose the bankruptcy.
Piacenza will reportedly be able to complete the Lega Pro season, but at that stage the club will cease to exist.
There is to be an auction at the end of the campaign that will allow any new investors to buy the Piacenza brand, but they would have to begin with a new name and from a lower division.
Piacenza were in Serie B last term, but were relegated after losing the play-outs.
The Biancorossi were founded in 1919 and last played in Serie A in 2002-03.