Reports in the Italian media suggested that Parma, who are bottom of the league with just six points from 11 matches, have missed tax payments and failed to pay the wages of players and staff in the last two months.
The failure to pay income tax is reportedly the reason why Parma were denied a UEFA license to play in the Europa League this season.
A statement released by the club on Tuesday revealed that owner Tommaso Ghirardi has been in advanced negotiations to sell the club and meet payment deadlines of November 15.
However, the deal stalled and Parma stated they expect to be punished.
"Since the board put the club up for sale due to the strong disappointment experienced by the exclusion from the Europa League for reasons still to ascertain and yet unknown to date [so much that our club are still fighting for its rights]," the club said in a statement.
"In the last months we have received many interested requests by Italian and foreign investors and entrepreneurs who are ready to take on the Italian Serie A, by buying Parma.
"In particular, one of these negotiations - started in October - led to a deep confrontation on the economic situation of the club.
"An essential element of negotiations, as agreed in preliminary talks, was to complete the buyout no later than November 10 2014, so as to ensure payment of the outstanding issues by November 15 2014.
"Despite the advanced stage of these negotiations and the promises made by both parties, the promised buyer unexpectedly delayed the completion of the deal until beyond November 10 2014.
"Parma therefore found itself in a very short space of time having to use every initiative to fulfil those debts.
"Parma are disappointed we were unable to respect the deadline and, at the same time, unable to reveal the existence of these negotiations due to a still active privacy agreement.
"In reference to the financial situation of the club, Parma confirm the problems are relative to a momentary lack of liquidity and that the continuation of the company is not in doubt.
"Unfortunately, we will have to deal with a certain points penalisation that the club will try to reduce to a minimum in every available level of appeal."
