They were declared insolvent back in 2004 following the demise of their chief financial backers and club sponsors Parmalat after a fraud investigation .
It 's not the first time that Parma have encountered financial woes .
Parma were declared insolvent back in 2004 following the demise of Parma 's chief financial backers and club sponsors Parmalat after a fraud investigation .
It 's not the first time that Parma have encountered financial woes .