PARMA, Italy, April 21 (Reuters) - An Italian judge has given his approval for bankrupt Serie A club Parma to be put up for sale and binding offers of a minimum 20 million euros ($21 million) must be made by May 6, the club said on Tuesday.
If no valid offers are made by the deadline, four other bidding rounds may be launched, with the minimum price reduced by 25 percent with each consecutive round, Parma added in a statement on their website (fcparma.com).
Parma's players have not been paid all season and have had to do their own laundry and drive the team bus, while games were postponed because the club could not afford stewards or police at their Tardini stadium.