Brescia court announced the exclusion of Brescia club from the professional leagues after 114 years since its establishment.
This comes due to failure to pay registration fees for local competitions, and bankruptcy proceedings will begin.
The club's debts are estimated at 20 million euros which it was unable to pay, and it was also unable to pay the participation fee in local competitions before June 30 last.
Despite the club receiving 6 million euros from the transfer value of former team player Sandro Tonali to Tottenham from Newcastle, it was not enough.
According to the Italian newspaper "La Gazzetta dello Sport", the funds from Tonali's deal will not enter the club's coffers but will be deposited in a FIFA fund.
Brescia finished last season in eighteenth place in the Italian second division league.
The team's last participation in the Italian league came in the 2019-20 season.
Andrea Pirlo, Luca Toni, Pep Guardiola and Roberto Baggio are among the most prominent who wore the club's blue jersey in Italy.