Pro Recco, one the world's leading water polo clubs, is bankrolled by its President, multi-millionaire Genovese businessman Gabriele Volpi, who also owns Italian football club Spezia Calcio.

However, Volpi and his two sons – both club vice-presidents – have quit Pro Recco, leaving it bankrupt.

Reigning World Champions Italy, one of the favourites for gold at the Olympics, are most affected by the decision with eight of their 13-man team playing at London 2012 contracted to Pro Recco.

Other players at the Olympics also on Pro Recco's books include three Serbians, two Croatians, two Montenegrins, two Spaniards and two Hungarians.

One of the most high profile is Norbert Madaras of Hungary, arguably the world's best player who led his country to two consecutive Olympic gold medals at Athens 2004 and Beijing 2008.

"The President's decision to leave could have an influence on the performances in London," admitted Madaras, who played for Pro Recco during the eight years Volpi was in charge.

"It's hard to focus solely on the Olympics when your future is at stake.

Kazakhstan and Hungary compete in the 2011 FINA World Championships in China

"Most of the guys could not imagine such a thing could happen.

"They were relaxed about having good contracts for another year or two, even if we heard rumours that the President was about to quit after endless battles with local authorities and the national and European federations.

"Now, all of a sudden, we have to find a new team for the next season."

The 32-year-old, who will be chasing a hat trick of Olympic titles at London 2012, added that he is confident about his own future, but is concerned for the other players.

"I'm not afraid, I have nice offers from Hungary, but not all of us face such a bright future," he said.

"You have to be aware of the fact that the best water polo clubs are based in countries whose economies are not in the best shape, such as Italy, Spain, Greece, Hungary, Croatia, Serbia, and we all know that none of the teams can afford to spend as much as Pro Recco did in the past."

Pro Recco's women's team, which has seven players at London 2012, has also suspended activities as a result of Volpi's exit.

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