The Italian Football Federation has banned former Parma executives Tommaso Ghirardi and Pietro Leonardi for five years from the game after the club's debt exceeded $295 million.
Ghirardi, who owned the club between 2007 and 2014, while Leonardi was sporting director until March 2015, oversaw a period in which Parma's debts spiralled to beyond €200 million ($295 million), after which the club was sold for only €1 due to the massive task of getting the club out of its' bankrupt state.
The Italian Football Federation's (FIGC) Federal National Court ruled to ban Ghirardi and Leonardi for five years each, in addition to a $220,000 fine apiece.
A statement FIGC read: 'The Federal National Court, presided over by Cesare Mastrocola, which was called to rule on matters relating to the financial collapse of Parma FC, has decided on a ban of five years and a fine of 150,000 euros for Tommaso Ghirardi and a ban of four months and a 4,000 euro fine for Silvia Serena.
"The TFN has also sanctioned a ban of five years and a fine of 150,000 euros for Pietro Leonardi, CEO of the company at the time.
"The following officials were acquitted of violations: Susanna Ghirardi, Alberto Rossi, Giovanni Schinelli, Arturo Balestrieri. Roberto Bonzi, Giuseppe Scalia, Gabriella Pasotti, Enrico Ghirardi, Pasquale Giordano, Emir Kodra, Giampietro Manenti, Mario Bastianon, Francesco Sorlini, Maurizio Magri, Osvaldo, and Francesco Riccobene.'
Parma currently compete in the Lega Pro, the third highest professional football competition in Italy.