 This was the platform for success on the pitch but the club eventually succumbed to administration in 2004 due to Parmalat's massive bankruptcy with debts of $20 billion and fraudulent activity at Parmalat worth over €10 billion and a €167 million net loss by the club in 2003.On 24 January 2007, engineering entrepreneur Tommaso Ghirardi bought the club after three years of administration for $39 million and incorporated Eventi Sportivi as a holding company owning 100% of the club's shares of €20 million nominal value.Eventi Sportivi Srl (later S.p.A.), at first had a share capital of just €3 million, with Banca Monte Parma, owned 10% of the shares as minority.