Parma Calcio 1913 will start a "new chapter" for the club and the city after its official unveiling on Wednesday, according to one of its backers Guido Barilla.
In March, Parma were declared bankrupt with debts of more than €200 million ($220 million) and, after finishing last in Serie A in the 2014-15 season, the club were ordered to play under a new name in Serie D, the fifth division of Italian football.
Three management roles have been confirmed so far: Nevio Scala, former Parma coach, will be the president of the new club, while Marco Ferrari is the new vice-president and Luca Carra the sporting director.
Led by Scala, the new club is calling itself Parma Calcio 1913, after the original club's founding year and is backed by a number of businessmen and companies, all local to Parma, from pasta production magnate Barilla to racecar manufacturer Giampaolo Dallara.
"I'm here with a group of friends to start writing a story which will be different from any other ever written," Barilla told Gazzetta. "We have enormous respect for our city and we want to witness its Renaissance. And football is key to this.
"What happened to Parma in recent years is exceptionally sad; we need a brand new chapter, with competent, serious people. We are all businessmen and professionals: we will start again with a lot of humility and give ourselves time to grow and win, in a healthy way."
Fellow businessman Marco Ferrari, one of the first to work on the project in its initial stages, added: "The failure of Parma was the failure of a patriarchal model which Italian football, nowadays, can no longer sustain. We have been inspired by a completely different model, a more German one."
President Scala also revealed that Parma Calcio 1913 would be looking to rebuild with a focus on youth.
"We will do anything to give Parma fans the satisfactions they deserve," he said. "On a technical level we know exactly what we want. We will invest in young players, hoping that some of them will stay on. We were born yesterday though, so we are still a work in progress."