Historic Italian club Brescia go bankrupt over €3M debt bill

Historic Italian football club Brescia will cease to exist after 114 years following its owner's decision not to honour a debt of €3 million ($3.4 million).

Italian businessman Massimo Cellino has owned the Lombardy club since 2017. 

Cellino was previously the owner of English side Leeds, where he was principally known for his swing-door policy of managerial ins-and-outs and his problems with the courts.

The 68-year-old had until Friday to pay part of Brescia's €8 million in tax arrears and other overdue tax.

Brescia's failure to pay the sum has resulted in the club losing the right to take part in the Italian league system.

The club were deducted four points by the tribunal of the Italian football federation (FIGC) for their financial woes.

As a result of this sanction, Brescia, who finished the Serie B season in 15th place with 43 points, dropped to 18th place on 39 points, resulting in relegation to the third-tier Serie C.

Brescia spent 23 seasons in the top flight, most recently in 2019-20, with their best performance being an eighth-place finish in 2000-2001.

Famous past servants of the club include Italian internationals Roberto Baggio, Alessandro Altobelli, Andrea Pirlo and Luca Toni, as well as current Manchester City boss Pep Guardiola, who played there in 2001-02 and 2003.