Parma president Tommaso Ghirardi has agreed a deal to sell the club to a Russian-Cypriot conglomerate for around £5.5m, according to reports.

The struggling Serie A outfit were expected to have the sale completed by November 10, but proceedings found themselves delayed.

Parma's managing director Pietro Leonardi is quoted by AP as saying: "We have only been told there is an agreement, which then has to be formalized between the parties involved."

Parma, currently languishing at the bottom of Serie A, lost 2-1 to Lazio on Sunday for their 12th defeat in 14 matches.