The president of GMAC, Dave Wilson, is one of those who thinks the MBA may have to adapt.

ECONOMIST: The Bologna Process

Dave Field, a partner in insolvency firm Wilson Field, which is acting as administrators for the club, said it was still hoping a buyer for the business could be found.

BBC: NEWS | UK | England | Few offers for troubled club

CNN's Rich Phillips, Dave Mattingly, Karan Olson, Jason Hanna and Jacque Wilson contributed to this report.

CNN: Tennessee fraternity suspended after alcohol enemas