Chievo Verona, who spent 17 seasons in Serie A, were wound up after failing to find an investor to resolve their financial problems, the local authorities announced on Tuesday.

Chievo were in Serie B last season but failed to satisfy the Italian second division’s financial solvency criteria and were relegated to Serie D.

They needed to put their affairs in order to enter that competition before it kicked off its season.

The deadline for Serie D registration was Tuesday and the club desperately sought a buyer to bail it out but failed.

The club’s former captain Sergio Pellissier, who played almost 500 games for them, tried to put together a rescue plan, but signalled his failure on Instagram on Saturday.

“This is one of the saddest days of my life,” he wrote. “I tried with all my strength and I really hoped to succeed in starting again and continuing this fantastic story.”