The Italian Football Federation has banned former Parma executives Tommaso Ghirardi and Pietro Leonardi for five years for their mismanagement of the club.
Ghirardi was owner of the club between 2007 and 2014, when he sold up to businessman Rezart Taci, while Leonardi was sporting director until March last year.
Parma's debts spiralled to beyond EUR200million during Ghirardi's time in charge, prompting the club to be sold on for EUR1, but they remained in financial turmoil and were ultimately relegated to Serie D.
The FIGC's Federal National Court has opted to ban Ghirardi and Leonardi for the same length of time, as well as fine each man EUR150,000, while former director Silvia Serena was given a four-month ban and EUR4,000 fine.
A statement from the organisation 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."