Parma have begun the process of securing their long-term future after being put up for sale with a starting price of €20 million.
The Serie A strugglers were declared bankrupt in March with debts of €218m, and have been deducted points on three occasions for failing to pay staff throughout the season.
A rescue package was put together by the league to ensure they could complete the current campaign, but their future remains uncertain.
Sitting 17 points from safety with seven games remaining, Roberto Donadoni's side look certainties for relegation to Serie B, but could have new owners in place by the time the 2015-16 campaign gets under way.
A statement released by Parma on Tuesday read: "Today, the bankruptcy judge Pietro Rogato, with the approval of the creditors' committee, has authorised the administrators Angelo Anedda and Alberto Guion to proceed with the sale of the sporting identity of Parma.
"The sale, involves the collection of formal offers by May 6, 2015. The base price is set at €20m.
"If no valid bids are submitted within the period given, new bidding procedures will take place on May 12, May 18, May 22 and May 28.
"For each auction, the base price will be 25 per cent lower than the one previous. Expressions of interest can be presented by Italian companies and foreign companies."