Court declares Napoli bankrupt

Debt-ridden Italian Napoli has been declared bankrupt by Naples bankruptcy court and was refused a license to play in Serie B, due to debts reported around € 70m. However, the club could be reinstated after the Tribunal of Naples ruled that playing in Serie B is an economic advantage that would give its creditors a greater chance of getting their money back, therefore verdict in favor of allowing the club to remain in Italy’s second-tier league. The Italian Football Federation insist that the club, recently bought by Luciano Gaucci, must either register for and start again in Serie C1, or drop straight down to the amateur League. If Gaucci which applied the Tribunal of Naples is successful in his bid, Serie B could be expanded to 23 teams. Meanwhile, a new Italian football regulation allows a city whose club has collapsed to retain a 'franchise' under a new company and the Napoli city council have already been set up to preparing to franchise a new club.

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