Parma are to be reborn in Serie D with Nevio Scala as President and Guido Barilla the main backer after Giuseppe Corrado pulled out.
The club was declared bankrupt this week and therefore failed to register for the 2015-16 Serie B season.
They must begin again from the amateur leagues and the battle to see who will revive the Ducali appears to have been decided.
Corrado had been in the running to save Parma, challenging baseball legend Mike Piazza, before acknowledging the situation was too far gone to be salvaged.
The multiplex cinema chain owner was prepared to build a new club from scratch in Serie D, but today announced he was pulling out.
This leaves only the group Parma Calcio 1913, which has eight local investors including pasta magnate Guido Barilla.
The other investors are Paolo Pizzarotti, Mauro Del Rio, Giampaolo Dallara, Marco Ferrari, Angelo Gandolfi, Giacomo Malmesi and Parmalat.
With this conglomerate taking over, Parma’s new President will be Nevio Scala, the Coach who took them to great success from 1989 to 1996.
Scala oversaw their historic first ever promotion into Serie A, winning the Coppa Italia, Cup Winners’ Cup, European Super Cup and UEFA Cup.
Fans will also be able to get involved, as the new club can sell shares to supporters for €500 via a company called NewCo Due.