The loss of Parma from the Italian footballing map is a major blow and another sad chapter in the ever-increasing book of bad club management.
Now due to restart in Serie D, it's a long way back for the Emilia-Romagna outfit.
In the 1990s, they really threatened to upset the Serie A establishment and though they may have failed to achieve long-term, sustainable success, they did provide the Premier League with a number of memorable stars – both good and bad.
Here are 10 of the most notable.
10. Francesco Baiano – Derby County
A Rams regular during his three-year stay at Derby, Baiano previously scored four goals in 25 Serie A appearances for Parma during a loan stay at the club from Napoli during the 1987-88 season. The Italian remains a hero among County fans as one of their best ever foreign stars.
9. Hidetoshi Nakata – Bolton Wanderers
Having played an instrumental part in helping Parma win the 2002 Coppa Italia with a goal in the first-leg of the final against Juventus, the Japanese superstar eventually found his way to the Premier League. He played a single season for the Trotters before retiring aged 30.
8. Nicola Berti – Tottenham Hotspur
The Italy international started his career at Parma before going on to play at Fiorentina and Inter Milan then arriving in North London. Berti impressed during a single season stay with Spurs, helping Tottenham to avoid relegation and finish the season in 13th.
7. Savo Milosevic – Aston Villa
On paper, the Serbia international's record of 29 goals in 90 Premier League appearances for Villa looks pretty good. And it looks all the more handsome when you consider he managed just nine in 31 stop-start appearances for the club, having purchased the striker for €25 million.
6. Benito Carbone – Sheffield Wednesday/Aston Villa/Bradford City
Having endured hit-and-miss spells with three different Premier League clubs, Carbone returned to Italy and despite missing the mark at Como, the veteran Italian found some form under Cesare Prandelli at Parma to help the club avoid relegation.
5. Tomas Brolin – Leeds United/Crystal Palace
Before injury and fitness problems took their toll at Elland Road and later Selhurst Park, Brolin was a revelation for Parma. The Sweden international played 133 Serie A games during a five-year spell with the club winning the Coppa Italia, European Cup Winners' Cup and UEFA Cup.
4. Hernan Crespo – Chelsea
A Parma legend with over 160 Serie A appearances to his name, Crespo also managed a further 72 league goals for the club over two separate spells. Crespo scored 20 goals in 49 Premier League appearances for the Blues but his heart belonged to Parma – he retired there.
3. Faustino Asprilla – Newcastle United
The Colombian enjoyed two spells with Parma, either side of his Tyneside stint with the Magpies. A two-time UEFA Cup winner with an additional UEFA Cup Winners' Cup honour to his name with Parma, Asprilla also scored a hat-trick on his Champions League debut – for Newcastle.
2. Juan Sebastian Veron – Manchester United/Chelsea
The Argentine playmaker arguably played some of his best football during a single-season stay with Parma in which the team won the Coppa Italia and UEFA Cup under Carlo Ancelotti. Left for Lazio and later Manchester United and Chelsea though he rarely shone in England.
1. Gianfranco Zola – Chelsea
Brought to Stamford Bridge from Parma in 1996 by Ruud Gullit, Zola won the UEFA Cup with the Italian side but would go on to establish himself as a legend with his London employers, winning two FA Cups, the League Cup and the UEFA Cup Winners' Cup before retiring with Cagliari.
Notable mentions: Adrian Mutu, Gabriel Paletta, Massimo Donati - have we missed anyone out?