ROME (REUTERS) - Stricken Italian Serie A football side Parma were officially declared bankrupt on Thursday, a day after their chairman Giampietro Manenti was arrested in a money-laundering probe.

Parma's players have not been paid all season and it took just 10 minutes for a court to declare the club, rooted to the bottom of the league after finishing sixth last season, bankrupt.

They have twice been docked points this season.