The club re-formed as Parma Football Club SpA in June 2004 (as a subsidiary of being liquidated Parma AC SpA) and the 2004–05 season saw Parma plummet to its lowest finish in Serie A – despite a second consecutive 23-goal haul from Gilardino, who was then sold for €25 million – as managers came and went. Parma ended the following season, its first without European competition since 1991, in tenth, but returned in 2006 after the "Calciopoli" scandal.