Giuseppe Corrado have pulled out of buying talks with Parma.
Parma need to find a buyer by June 25 or they will not be allowed to register for the 2015-16 Serie B season. Failure to register will see the Ducali declared bankrupt and be forced to begin again from Serie D.
Corrado's decision leaves the group led by baseball legend Mike Piazza's group as the lone party.
The Corrado group stated: “The complex debt situation that emerged, but above all the debts that are yet to be defined and the contractual deals written with players for numerous years make any future financial course impractical.
“Closing the operation with this level of risk is not just a gamble, but an investment into an unrealistic prospect that would've destroyed funds.
“Over the next few days, as soon as the sale procedure is complete, Magico Parma S.p.A. will provide details that pushed us to this decision."