Wife of Michael Essien, Akosua Puni bought the club five months ago
Italian Serie C side Como FC have been demoted to the Serie D as the club enters administration.
The shocking news comes just five months after its acquisition by Ghanaian businesswoman and wife of Ghanaian star Michael Essien, Akosua Puni.
Akosua Puni, who is married to the former AC Milan, Chelsea and Real Madrid midfielder, acquired the Italian Serie C side for a reported €237,000.
The businesswoman bought the club at a bankruptcy auction held by FC Como Limited but failed to meet the deadline of paying €200,000 required to retain their status in Serie C, forcing FIGC to slide the side further.
Como, who were declared bankrupt in 2004, have been crippled by financial difficulties despite being bought by the wife of the ex-Ghana international.
A number of staff will lose their jobs when the club enters administration, though details remain sketchy at the moment.
It appeared all rosy when the Ghanaian acquired the club but has since struggled to meet the financial demands associated with running the lowly rated club.
The Italian club plied their trade in the Serie A in the 2002-03 season but this was followed by three consecutive demotions.
Puni, is the first native Ghanaian to buy a club in Europe just one year after Ghana-based Tom Vernon acquired the Danish club Norsjaelland.
She was hoping for the club to gain an immediate promotion to the Serie B after serious financial problems but has now been dealt a massive blow.
In June this year, Puni was forced to render an apology to players and staff of the club, following her inability to clear out their salaries for the season under review