Italian football club Brescia Calcio has been declared bankrupt by the Brescia Court, which initiated liquidation proceedings. The club, founded 114 years ago, had accumulated debts of approximately 20 million euros.
Brescia Calcio's financial troubles began approximately 1.5 years ago with irregularities in salary and tax payments. The club was relegated and lost its license after failing to meet the participation criteria for Serie C.
This is like a punishment. I wouldn't have believed that resentment could override logic.
Club owner Massimo Cellino's attempts to restructure and negotiations with creditors failed to convince the court. Cellino stated that creditors will lose more than 5 million euros. The club also received an 8-point deduction as a penalty.
Brescia Calcio was home to notable players such as Roberto Baggio, Andrea Pirlo, Pep Guardiola, and Sandro Tonali. The bankruptcy marks the end of a 114-year history in Italian football.