Italy: AC Siena bankrupt, excluded from Serie B championship; 21 clubs instead of 22 for 2014-15

AC Siena, which have been declared bankrupt, will be excluded from the professional league Serie B (second Italian division) after failing to provide the necessary financial guarantees required by COVISOC (Commissione di Vigilanza sulle Società Calcistiche, the Oversight Commission on Football Clubs) by 11/07/2014, as well as by the deadline of 15/07/2014.

AC Siena, founded 110 years ago (in 1904), were to play in Serie B in 2014-15 (they were ninth in Serie B in 2013-14). The club, which had never before experienced bankruptcy, will disappear from Italian professional football. The federal council of the FIGC (Italian federation) will take note of this decision during its meeting on 18/07/2014.

AC Siena could no longer make good on their debts, which were estimated at €70m (€55m of which were owed to the Siena bank MPS, Monte dei Paschi di Siena). There were also €7m in transfer fees and wages to be paid. Massimo Mezzaroma, the president of the club since 2010, resigned on 04/07/2014 and AC Siena had been looking for a new owner to save the club, but were unsuccessful.

"In spite of…