The club were put up for sale for €20 million but have received no bids, meaning that valuation is set to drop by nearly 50 per cent

Parma's administrators have announced they have yet to receive any offers for the club and will reduce the asking price to €11.25million.

The Serie A strugglers were put up for sale last month with a starting price of €20m, but there have been no official bids.

As a result, the asking price has been lowered in an attempt to attract investors, with the club set to play in Serie B next season following their relegation from Italy's top flight.

A statement released by the club on Monday read: "No binding offer for the purchase [of Parma] has been delivered to Julius Almansi, appointed by judge Pietro Rogato to oversee the sale of Parma.

"The new deadline for submission of tenders is set for May 22. As specified by the tender rules, the base price for the third procedure will be lowered by 25 per cent to €11.25million."

Parma - whose relegation was confirmed at the end of April - were declared bankrupt in March with debts of €218m, and have been deducted points on three occasions for failing to pay their staff.