Parma reformed again, starting in the fourth tier. Three successive promotions followed, and they were in Serie A by 2018. They lasted three years before relegation back to Serie B.

Amid all that drama, one important thing had changed. Kyle J Krause, a US businessman with interests in retail, logistics, tourism, sport, wine, real estate and agriculture, had taken over the club in September 2020.

The American tycoon’s recipe has been simple: steady and targeted investments.

Experienced players were brought in, such as Franco Vazquez and the returning Buffon, plans were made to revamp the training centre in Collecchio, and to develop the club’s Stadio Tardini home into a 21,000-seat stadium. The owner is looking to build for the long term.

Head coach Fabio Pecchia has been shaping and guiding the project during the past two years.

A former assistant to Rafa Benitez at Napoli, Real Madrid and Newcastle, Pecchia suffered Serie B play-off agony 14 months ago as Cagliari beat Parma in the semi-finals.

That disappointment laid the foundation for clinching promotion in May.

“I have watched some Parma games and I have seen a very balanced team. Now it’s me who’s learning from him,” said Benitez.

“We wanted a manager who could work with young players, while offering a dominating and brave style of play,” Parma sports director Mauro Pederzoli said. “Fabio is exactly that.”

As he started his journey with the Gialloblu three years ago, Pederzoli was given three tasks to fulfil: develop competitive young players, implement an entertaining style of football and clinch Serie A promotion.

“The club has never changed its attitude and goals, even during some difficult moments we have faced, and this is what brought us here,” he added.

The strategy has worked: Parma won the Serie B title boasting the division’s third-youngest squad.

Captain Enrico Delprato, strikers Dennis Man, Valentin Mihaila, Adrian Benedyczak and brilliant playmaker Adrian Bernabe all arrived in 2021; all have extended the contracts they signed on arrival, as have Simon Sohm and Angel Bonny.

Those talents have closed the circle. In May 1990, Parma clinched their first ever Serie A promotion with a 2-0 win against Reggiana in the Derby dell’Enza, named after the river which separates the two provinces.

In May 2024, the Gialloblu once again ended a triumphant season on a high against their old rivals, completing the campaign with 21 wins, 11 draws and just four defats.

Fans hope it will be the beginning of a new story, this time without the financial catastrophes that left deep scars.