Italian football journalist Mina Rzouki believes Parma are "very close" to going out of business.
The club's latest financial results show they have a gross debt of 197.4m euros (£145m) and the Italian authorities have set a bankruptcy hearing for 19 March.
"Right now everyone is pointing the finger at everyone," Rzouki told BBC's World Service. "But if we look at the root of the problem, how it started and how it developed, one cannot overlook former owner Tommaso Ghirardi.
"Ghirardi took over in 2007 when there was a gross debt of 16.1m (£11.8m). Seven years on, Parma have a gross debt figure of 197.4m euros. Take away outstanding credit, it has a net debt of 97m (£71.2m).
Read the full BBC article here.