Bari have officially failed to register for Serie B, so after 110 years of history they must restart in the amateur leagues.
The Galletti were going for promotion to Serie A last season, but were beaten by Cittadella in the play-offs.
It was reported earlier today that they hadn’t met financial requirements to register for next season, and the 18.00 deadline has passed with no resolution.
Leeds United owner Andrea Radrizzani and local entrepreneur Ferdinando Napoli had launched a takeover bid to save the club, but a purchase couldn’t be agreed in time.
Bari will therefore be declared bankrupt after 110 years and forced to restart in Serie D, the highest amateur league.
Under Italian rules, the mayor of Bari can choose a group of investors to lead a phoenix club, which would then be admitted to Serie D.
“This is a bad day, not only for football in Bari, but for the whole city,” Mayor Antonio Decaro told Gianluca Di Marzio’s website.
“It’s a day of defeat, which burns 1,000 times more than any defeat on the pitch. We tried everything possible, I perhaps even went beyond my remit as a mayor.
“I did it as a citizen and also as a fan.
“We have to keep working with all our strength because football in Bari cannot end on this July afternoon. The city doesn’t deserve it and the fans don’t deserve it.”
Four years ago Bari drew 50,895 fans to the Stadio San Nicola for a play-off match, but they will now be forced to compete in the amateur leagues.
Cesena are also thought to have been excluded from Serie B, and they also face bankruptcy.
Meanwhile, Avellino have presented a guarantee of €800,000 in investment and hope to find "a third guarantor" to meet the FIGC's registration rules.
Watch Serie A live in the UK on Premier Sports for just £11.99 per month including live LaLiga, Eredivisie, Scottish Cup Football and more. Visit: https://subscribe.premiersports.tv/