The fallen southern giants, league winners in 1987 and 1990 when led by Argentine legend Diego Maradona, have been declared bankrupt and refused a licence to play in the second division next season because of their huge debts.

Founded in 1926, Napoli have appealed against the decision but are unlikely to succeed in overturning the ruling.

The most probable outcome is that they will start life as a new club under a different name and probably play in the Serie C, Italy's third division.

Four consortiums are currently vying to take control of one of the best supported clubs in the country.

Napoli's future remains uncertain, but there was a time when they were one of the most feared teams in Europe.

In 1984, they pulled off a major coup by signing Maradona from Barcelona, almost breaking the bank to land one of football's greatest treasures.

The dimunitive South American was flown into the club's San Paolo stadium by helicopter and paraded in front of 60,000 delirious fans, delighting an hysterical Neapolitan crowd with a series of ball juggling tricks in the centre-circle.

After finishing eighth and then third in Serie A, Napoli won the Scudetto for the first time in their history in 1987, a year after Maradona had lifted the World Cup with Argentina in Mexico.

The Naples club finished runners-up for the next two seasons but triumphed in the UEFA Cup in 1989 with victory over two legs VfB Stuttgart, a narrow 2-1 home win followed by a 3-3 draw in Germany.

Napoli, driven by the outstanding Argentinian, followed that success with their second Scudetto a year later, finishing the season two points ahead of AC Milan.

Maradona's fast living eventually caught up with him in 1991 when he tested positive for cocaine and was investigated in connection with a Naples vice ring.

He left Italy in disgrace after receiving a 15-month ban from the Italian football authorities and went back to Argentina only to be arrested for taking cocaine shortly after his return.

Maradona was ordered by a judge to seek medical help and did not kick a ball for two years.

Without the inspirational Maradona, Napoli failed to reach the heights of their two title-winning seasons and despite moderate success they steadily fell into decline and were relegated from the top flight in 1998.

They won promotion to Serie A in 2000 but went down after one season and have stayed there ever since.

Beset by boardroom wrangles and crippled by overspending, Napoli are understood to have debts of around 80 million euros (96 million dollars).