Parma had done their best to go down with dignity and a sudden upturn in form, including a shock 1-0 win over runaway leaders Juventus, suggested an unlikely escape act was possible.
But those hopes were scuppered two weeks ago when they had four more points deducted for breaching Serie A financial regulations, on top of the three they had taken away earlier in the season.
This campaign has also seen former president Giampietro Manenti, arrested in a money-laundering probe last month the day before the club was declared bankrupt, and director Pietro Leonardi banned for six months each.
Second-placed Lazio, chasing a Champions League place next season, finished the job by scoring three goals in six minutes early in the game.
Marco Parolo netted against his old club with a curling long-range shot, former Germany forward Miroslav Klose scrambled the ball in from close range and Antonio Candreva sprung the offside trap for the third.
Keita Balde added the fourth eight minutes from time.
"We will digest a very difficult season in which many negative things have happened off the field," Parma coach Roberto Donadoni told reporters.
"Tonight, we were found wanting and we were a bit overwhelmed. We played below our possibilities."
Former Italy midfielder and coach Donadoni took over at Parma in January 2012 and pulled them clear of the relegation zone.
He built a competitive side and led them to an impressive sixth place in Serie A last season, only for them to miss out on the Europa League because of financial problems.
Wednesday's defeat left them bottom of the table with 11 points from 33 games, 16 adrift of safety with five matches left.
Parma have changed hands twice this season and, at one point, were forced to postpone two games because they could not pay for stewards or security.
They were only able to complete the season after the Italian federation set up a special fund.
They have also had property confiscated by bailiffs including a bench used Donadoni.
Parma have never won Serie A but lifted two UEFA Cups in 1995 and 1999, the 1993 European Cup Winners' Cup and three Italian Cups in a successful spell between 1992 and 2002.
"We need to learn from all these negative things that happened off the football field but also from the positive things we have done recently," Donadoni added.
"It's been a complicated season."
(Writing by Brian Homewood in Berne, editing by Ed Osmond)
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