Serie A side Parma will be sold at auction in January after being run by administrators since 2003, it has been confirmed.
Managing director Roberto Cappelli made the announcement today in an interview with the Gazzetta di Parma newspaper.
"Parma will be sold at auction,” he stated. “In the past month there has been a lot of interest in the club and it seemed right to capitalise on that.
"If we act quickly – and that will depend on the buyer – the sale could go through in time for the new owner to make moves in the January transfer window.
"The base of the auction, which we will indicate when the time to make binding bids arrives, will be considerably lower than the £20m asked previously.”
The Gialloblu have been in financial difficulties since Parmalat, their former major backers, went bust in December 2003.
Numerous parties have attempted to net the club ever since, with former Real Madrid chief Lorenzo Sanz coming close last year before he failed to make the final payment.
Parma, who are second from bottom in Serie A, shot to fame in the 1990s after winning an historic promotion to Serie A and winning the UEFA Cup and Cup-Winners Cup.
It is rumoured that Flavio Briatore, head of the Renault Formula 1 outfit, could launch a bid to buy with former Juventus chief executive Antonio Giraudo.