Serie B club Bari are on the verge of bankruptcy after the water supply to the Stadio San Nicola was cut off due to unpaid bills.
President Cosmo Antonio Giancaspro is at the centre of several investigations into financial irregularities, having already seen the team docked two points and lose their home status in the promotion play-offs.
Now the club is heading for potential bankruptcy, as Giancaspro must find €5m by June 26 to pay outstanding wages and pension contributions.
Serie B club Bari are on the verge of bankruptcy after the water supply to the Stadio San Nicola was cut off due to unpaid bills.
President Cosmo Antonio Giancaspro is at the centre of several investigations into financial irregularities, having already seen the team docked two points and lose their home status in the promotion play-offs.
Now the club is heading for potential bankruptcy, as Giancaspro must find €5m by June 26 to pay outstanding wages and pension contributions.
If he fails to meet that deadline, Bari probably won’t be allowed to register for the 2018-19 Serie B season and must begin again from Serie D.
The situation is so bad that the Stadio San Nicola – used for the 1990 World Cup – has had its water supply cut off due to an unpaid €6,000 bill.
Today, Bari were also fined €20,000 for not allowing the Covisoc (who check the financial status of Italian clubs) to complete their inspection of the club books on April 20.
Former referee Gianluca Paparesta still owns a small share of the club and is reportedly trying to find new investors who can resuce the situation, but it’s a race against time.