Parma’s hopes of avoiding Serie D next season have taken a crippling blow after Mike Piazza pulled out of talks to buy the bankrupt club.

The club must find new owners to wipe out €22.6m of debt before Thursday or they won’t be able to register to play in Serie B next season.

Two private groups were in contention to take over before Giuseppe Corrado formally pulled out yesterday and today Piazza announced his withdrawal.

Parma’s hopes of avoiding Serie D next season have taken a crippling blow after Mike Piazza pulled out of talks to buy the bankrupt club.

The club must find new owners to wipe out €22.6m of debt before Thursday or they won’t be able to register to play in Serie B next season.

Two private groups were in contention to take over before Giuseppe Corrado formally pulled out yesterday and today Piazza announced his withdrawal.

“With great sadness and regret I must I must announce the abandonment of the deal for the acquisition of Parma FC,” read a statement from Piazza.

“I understand and share the bitterness of Parma fans for this decision.

“Together with co-investors of the project, we haven’t considered the investments as sustainable as necessary to cover current and future liabilities of a team whose foundation was strongly compromised.

“I want to thank the whole city of Parma for their support and my colleagues Maurizio Franzone, Gibo Gerali, and Bill Holmberg – their experience and their help in this matter have been invaluable.

“Finally I want to thank the administrators and all those who have given time and energy to find a positive solution to the crisis at Parma.”

The Crociati now appear likely to face demotion to Serie D next season, as administrators had set a deadline of this afternoon at 12.00 GMT for final offers to buy the troubled club.

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