Club Honors: 1993 UEFA Cup Winners Cup and Super Cup Champions, 1995 and 1999 UEFA Cup Champions, 3 time Italian Cup Champions
Star Players: Hernan Crespo, Gianluigi Buffon, Junior, Hristo Stoichkov, Thomas Brolin.
Current Fate: Serie B (second tier)
The Story: Parma were one of those clubs that never should have failed, and if not for actions taken in a corporate office, probably never would have.
Until the early 1990's Parma were never a major player in Italian football playing elevator football between Serie A, B, C, and D over their history.
However, in the late 1980's Parma was primarily bought by and sponsored by the family who owned Italian dairy Parmalat.
As Parmalat began to be a bigger player in the European financial markets, Parma F.C became a bigger player in the European soccer markets.
Flush with cash, Parma began buying players wisely in the same manner as the glamor clubs from Rome, Turin, and Milan.
While never winning Serie A, Parma were always heavyweights with teams designed to win at the European level and if the 90's were a golden age of club football in Italy, Parma was one of it's major players.
Two UEFA Cup championships, a UEFA Cup Winners Cup title, and a 1993 European Super Cup title were just the tip of the iceberg for a club that came out of nowhere to suddenly challenge the oligarchy of Juventus and the Milan Clubs.
Parma's level of success continued as recent as five years ago when the side finished fifth in Serie A, and made the UEFA Cup Semifinals.
The Downfall: For every American that can tell you about the down fall of Enron, a European can tell you about the downfall of Parmalat.
Fiscal mismanagement, corporate greed, scandal, corruption, and illegality brought down the dairy giant and without their leading benefactors Parma began selling off players they were no longer able to pay.
Above the obvious problem concerning a lack of financial resources, Parma in part also became a victim of their own greed.
During their glory days of the 1990's and early 2000's Parma never developed players at the youth level because they never needed to, and without the millions needed to buy the Faustino Asprilla and Hristo Stoichkov's of the football world, they were left with nothing.