Italian club Palermo have been declared bankrupt and have gone out of business, it was announced on Friday.
The Sicilian outfit, responsible for developing stars such as Paulo Dybala, Edinson Cavani and Javier Pastore early in their careers, will cease to exist after a Palermo court agreed to declare the club insolvent.
The club, officially named US Citta di Palermo, was originally founded back in 1900 and until 2017, were a prominent Serie A team.
Long-serving owner Maurizio Zamparini, renowned for firing and re-hiring coaches, sold his controlling stake in February 2017 to an Anglo-American fund and the club struggled to stay afloat after being relegated to Serie B.
After failing to regain promotion back to the top flight, they were excluded from the league this summer due to financial irregularities.
According to Corriere dello Sport, Zamparini's son, Andrea, offered to settle the club's debts of €10 million in an attempt to save the club but the offer was rebuffed.
A phoenix club was founded over the summer to participate in the Serie D division and the 'new' Palermo have enjoyed a fine start, sitting top of the league after winning all six of their opening games of the season.
They set a new record attendance in their first home game, with 17,000 fans at the Stadio Renzo Barbera to watch them beat San Tommaso 3-2.
