Reggiana, the third-division Italian soccer team Mike Piazza agreed to purchase in 2016, has been declared bankrupt, according to reports out of Italy. The team announced on June 24 that it would not be registering in Serie C for the forthcoming season because of its financial issues.

Five days later, the team had begun negotiations with an ownership group led by businessman Pablo Victor Dana, but those negotiations reportedly have ended unsuccessfully, and Reggiana declined to appeal the June 13 ruling that booted it from Serie C. The club, which was founded in 1919, was relegated from Italy’s top flight in 1997 and forced to sell the naming rights of its stadium in subsequent years because of financial woes.