Serie A strugglers Parma have been put up for sale with bidders set to compete at an auction to take control of the club next month.
The news was confirmed by the club on Tuesday on their official website when they revealed that they will be open to offers, with the bidding starting at €20 million.
“The bankruptcy judge, Pietro Ragato, with approval from the committee of creditors, has authorised the administrative team of directors, Angelo Anedda and Alberto Guion, to proceed with the sale of Parma FC,” read the club statement.
“The sale invites offers by May 6 and the base price has been set at €20m. If, within that period, there are no valid bids received, then new bidding procedures will be made on the days of May 12, 18, 22 and 28. For each day after the first, the base price will be lowered by 20 per cent.
“Expressions of interest are welcomed from both Italian and foreign companies or groups.”
The above means that if there are no appropriate bids to meet the initial asking price, then the price will drop to €15m and if none are received until the final day to do so on May 28, then the club could go for as little as €6,328,125.
