Parma accept Sanz offer
Friday, August 12, 2005
Article summary
Former Real Madrid CF president Lorenzo Sanz has bought a 100 per cent stake in the Italian Serie A club Parma FC.
Article body
Irresistible offer
"We have accepted an irresistible offer to buy a 100 per cent shareholding from the Spanish company Inversiones Renfisa SL, led by Lorenzo Sanz, former president of Real Madrid. The transfer of the ownership and payment - one instalment of which has already been received - is expected by 20 September," a Parma statement read.
In administration
Parma went into administration after parent company Parmalat was hit by a financial scandal and had been looking for new owners ever since. Earlier this month Swiss-based Italian businessman Gaetano Valenza failed twice in an attempt to buy the club.
Narrow escape
The Gialloblù avoided relegation last season by winning a play-off against Bologna FC but failed to qualify for a 15th consecutive European campaign.
Delvecchio link
Parma have also announced that former Italian international Marco Delvecchio, currently a free agent, will train with the team with a view to becoming the club's second striking signing after Bernardo Corradi joined on loan from Valencia CF.
