Livorno Calcio have been declared bankrupt and begun liquidation proceedings today.
The club had until today to cover losses with an increase in capital, but no fresh funds were introduced.
A statement from the club and administrator Pier Paolo Gherlone confirmed Livorno are in liquidation.
The administrator now has until July 19 to find a new buyer or Livorno will begin from scratch.
Livorno had spent time in Serie A during the mid 2000s and even qualified for the UEFA Cup, reaching the Round of 32 against Espanyol in February 2007.
They were most recently in Serie A for the 2013-14 campaign, were relegated into Serie C in 2020 and dropped down to Serie D this summer amid serious financial problems, docked five points for failing to keep up wage payments.
President Aldo Spinelli had been at the helm for 21 years, but finally sold the club in the summer of 2020 after years of threatening to do so.