Bankrupt Parma's hopes of a rescue ended on Monday when the receivers said that no buyers had come forward for the former Serie A club.
The announcement means that Parma, who finished bottom of Serie A after a chaotic season, cannot register for Serie B next term and would instead have to try to register in the amateur leagues -- the highest of those being Serie D.
"The receivers took note of the absence of offers for the acquisition of the sporting rights of the club and therefore the absence of the conditions for the continuation of the provisional arrangement, which ended today," said a statement on Parma's website.
Parma changed hands twice this season and Giampietro Manenti, who was briefly president, was arrested in a money-laundering probe in March on the day before the club was declared bankrupt.
At one point, Parma were forced to postpone two games because they could not pay for stewards or security, while the players had to do their own laundry. They were only able to complete the season after Serie A set up a special fund.
They have also had property confiscated by bailiffs including a bench used by coach Roberto Donadoni, a former Italy coach and forward who had been at the club since 2012.
The club lifted two UEFA Cups in 1995 and 1999, the 1993 European Cup Winners' Cup and three Italian Cups.
They were Serie A runners-up in 1997, led by current Real Madrid coach Carlo Ancelotti, and boasted players such as Gianfranco Zola, Faustino Asprilla and Hernan Crespo, although they never won the Italian league.
During the course of the season, Parma had a total of seven points deducted for failing to pay their players on time.