Reggiana, an Italian soccer club owner by Baseball Hall of Fame catcher Mike Piazza, has reportedly filed for bankruptcy after failed ownership discussions involving businessman Pablo Victor Dana.
Jake Nisse of the New York Post reported the update Tuesday after the Teste Quadre announced last month they wouldn't register for the 2018-19 Serie C season because of financial problems.
Piazza purchased the team in 2016.
In February 2017, the 12-time MLB All-Star Game selection told Andrew Keh of the New York Times about his switch to an owners' mindset and the risk for failure.
"Now switch to me as the owner," Piazza said. "I go: 'What the hell? One hundred dollars a room? Where are you guys staying, the Four Seasons?'"
He added: "I could fail. I could end up losing some money here. But it was important to me to step outside of my comfort zone."
Piazza has also spoken out against the high rent Serie A side Sassuolo Calcio was charging the club to use its stadium for matches.
Nisse pointed out if Reggiana is able to successfully navigate its financial woes, it will be forced to restart its journey up the Italian soccer promotion/relegation ladder in Serie D.