Cragnotti to stand down

S.S. Lazio president Sergio Cragnotti has announced his intention to resign from the debt-ridden Serie A club.

January meeting
He announced the decision last night at a Lazio board meeting, saying he would step down from his position provided a new club administrator is appointed at the next board meeting, set for 3 January.

Up for sale
A club statement said: "Cragnotti will present his resignation as president of Lazio once the new administrator of Lazio is appointed.'' The Roman team was put up for sale on 13 November following the financial problems that hit the club's highest shareholder, Cirio, a food company also headed by the Cragnotti family.

Unpaid wages
Cirio, which holds a 51 per cent stake in the club, defaulted on more than one billion euros of bonds last month and put its stake up for sale in the hope of earning money to repay debts. Wages have not been paid and some players have asked the Lega Calcio to declare the club in default.