 This success earned it a tag as one of the "Seven Sisters".In April 2004, the club was declared insolvent following the financial meltdown of Parmalat and the club remained in special administration for three years.The club re-formed as Parma Football Club SpA in June 2004 (as a subsidiary of being liquidated Parma AC SpA) and the 2004–05 season saw Parma plummet to its lowest finish in Serie A – despite a second consecutive 23-goal haul from Gilardino, who was then sold for €25 million – as managers came and went.