Siena President Massimo Mezzaroma insists the club will not go bankrupt this summer despite mounting debts.
The Tuscan side was relegated to Serie B with a six-point penalty due to a betting scandal and the future is looking bleak.
They failed to pay players’ wages on time and have until June 30 to find €8m, so the club could be docked points for next season due to the debt.
Their main sponsor, Banca Montepaschi di Siena, is in deep financial trouble and unable to help.
In Italy if a club cannot prove its books are relatively balanced, it is not allowed to sign up for the new season.
The good news is that the Lega Serie A gives a payment of €10m to clubs relegated into Serie B to help them get on their feet.
“Our attempts to get the early parachute payment from the Lega for relegated teams have not yet reached a positive conclusion,” said President Mezzaroma in a statement.
“This is just one phase, albeit significant, of the club’s utmost efforts to satisfy all the federal requirements so Siena can register for the Serie B season. That is necessary action to save the history of a club that represents the city.
“AC Siena constructed a plan, to spread out with the credit institutions, to prove it can continue in football at a high level and guarantee more solidity compared to the past. This is thanks to a financial restructuring process that cannot be completed in just one year.
“The next seasons will have to be based around ensuring the financial health of the club. These are essential conditions to sign up for the Serie B tournament and guarantee the survival of AC Siena. We are confident we can find a positive solution.”
Think you know your Italian football? Share your knowledge, tips and comments to win cash prizes in OLBG's tipster competition - £5,000 monthly.