Ternana Enters Voluntary Liquidation as Director Fabio Forti Resigns

It was a night of definitive closures and stark admissions in Terni. On Monday, April 13, 2026, the stability of Ternana Calcio collapsed under the weight of financial insolvency, leaving the club in a state of voluntary liquidation and its leadership in shambles.

Fabio Forti, the club’s sole director, officially resigned following an extraordinary shareholders’ meeting held at the office of notary Paolo Cirilli. The announcement marks a critical turning point for the “Fere,” a club that has spent the season balancing competitive on-field success against a deteriorating balance sheet.

The decision to enter voluntary liquidation was not a sudden impulse but the result of a deadlock between the club’s administration and its owners, the Rizzo family. According to Forti, the ownership explicitly deliberated against increasing the share capital necessary to cover mounting losses, leaving the club with no viable path forward other than to wind down operations through a liquidator.

The Financial Breaking Point

To understand the gravity of the current situation, one must look at the numbers. On the pitch, Ternana has been competitive, collecting 50 points over 36 matchdays in Serie C Girone B. However, that sporting achievement has been eroded by financial mismanagement. A penalty of -5 points for financial non-compliance has stripped the club down to 45 points, a stark reminder that the crisis in the front office has already bled into the standings.

The tension reached a boiling point ahead of the Monday meeting. Stefano Bandecchi, the Mayor of Terni and former president of the club, has been vocal about the Rizzo family’s handling of the institution. Bandecchi claimed that the owners informed the city a week prior that they had no intention of recapitalizing the club or meeting the federal deadline for salary payments on April 16.

For the players, the uncertainty has been palpable. Just days before the announcement, a delegation of athletes met with the Rizzo family to seek clarity on their future and their unpaid wages. The result of those talks—or lack thereof—culminated in the decision to stop the machine entirely.

What “Voluntary Liquidation” Means for the Club

For those unfamiliar with the legal nuances of Italian sports law, it is important to clarify a key distinction: Ternana is not, technically, bankrupt. The procedure initiated is “liquidazione ordinaria volontaria” (ordinary voluntary liquidation). This is a controlled process where the company is wound up by its owners rather than being forced into bankruptcy by a court.

This distinction is vital because it potentially avoids the immediate cancellation of the club’s sporting license, a fate that has befallen other clubs in the past. However, the club’s immediate future now rests in the hands of a court-appointed liquidator.

The liquidator’s first and most urgent task is to secure the resources necessary to complete the regular season. Ternana has two matches remaining in the calendar: an away fixture against Bra and a home game against Pianese. Whether these games will be played depends entirely on the liquidator’s ability to find immediate funding and the FIGC’s (Italian Football Federation) willingness to recognize “sporting continuity.”

A City Divided: Bandecchi vs. The Rizzos

The crisis has evolved into a high-stakes political and legal battle within the city of Terni. Mayor Stefano Bandecchi has taken a scorched-earth approach to the Rizzo family, accusing them of abandoning the club. In a series of blunt statements, Bandecchi warned that if the club is allowed to go bankrupt, the municipal administration is prepared to file a massive lawsuit.

The Mayor has estimated the potential claim to be between €100 million and €120 million. This legal threat underscores the deep rift between the city’s leadership and the club’s owners, transforming a sporting crisis into a legal war of attrition.

While the club’s internal structure crumbles, the external pressure continues to mount. The Mayor’s public stance suggests that the city will not quietly accept the potential disappearance of one of its most vital cultural and sporting assets.

The Sporting Limbo

The most immediate victims of this administrative collapse are the players and staff. With the federal deadline for salaries looming and the sole director gone, the squad is operating in a vacuum. The “Fere” find themselves in a paradoxical position: they are a team capable of competing at the top of Serie C, yet they may not even be able to afford the travel costs for their final away game.

If the liquidator cannot secure funds, the club faces immediate exclusion from the league. If they can, the season may conclude, but the long-term prospect remains bleak. Bandecchi has already hinted at the worst-case scenario, suggesting that the club may have to restart from Serie D—the amateur ranks—to rebuild from the ground up.

What Comes Next

The immediate focus shifts to the appointment and first actions of the liquidator. The sporting world will be watching for any communication from the FIGC regarding the club’s status for the final two fixtures of the season. If the “sporting continuity” is not established, the season ends here for Ternana.

Beyond the pitch, the legal battle between the Municipality of Terni and the Rizzo family is expected to intensify, especially as the April 16 salary deadline passes. The city is now waiting to spot if the “voluntary” nature of this liquidation is a genuine attempt to save the club’s essence or merely a strategic exit for the owners.

The next confirmed checkpoint is the determination of whether the club can field a team for the upcoming match against Bra. We will provide updates as the liquidator’s decisions become public.

Do you think the FIGC should allow Ternana to finish the season despite the liquidation? Let us know in the comments or share this story to keep the conversation going.