Football Italia
Parma "could go bust on Dec 31"
Saturday 27 December, 2003
Parma director general Patrick Nebiolo has confirmed that the club could go into liquidation on Dec 31 2003.
“The club’s losses must be covered and the Capital increased during the shareholders’ meeting,” announced Nebiolo on ‘Radio Radio’.
“Parmalat are unable to introduce fresh funds, but they can convert credits into Capital. If that doesn’t happen, then the alternative is liquidation.”
This is a crisis point for the Gialloblu, as the football club risks going under along with majority shareholders Parmalat.
Nicknamed the ‘Italian Enron’, the dairy giants were today declared insolvent after £2.6bn went missing from their bank accounts.
President Stefano Tanzi and patron Calisto Tanzi are under investigation for fraud as one of the giants of Italian industry crumble.
“The Tanzi family remains a central focus for us,” continued the director general, “so obviously the players felt the effects of this disaster.”
“The city has already shown it is close to this club and there could be new investments from local banks and businessmen, but this can only be discussed after the increase in Capital.”
AC Parma are currently running at a loss above the legal limit for football clubs in Serie A and must take drastic action in the next shareholders’ meeting on Dec 31.
After Fiorentina were declared bankrupt and Lazio almost went down along with majority shareholders Cirio in a similar situation, we could see another Italian giant collapse due to financial problems.
The situation could deteriorate further, as Bologna President Giuseppe Gazzoni Frascara has announced plans to sue clubs with unbalanced books.
“Anyone can make a winning team if they don’t pay their players,” snapped the Rossoblu chief.
If the Federal Court accepts this appeal, then clubs who are running at a marked loss – such as Roma and Lazio – could be docked points.
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You know what this means, right? Free players \o/
Parma "could go bust on Dec 31"
Saturday 27 December, 2003
Parma director general Patrick Nebiolo has confirmed that the club could go into liquidation on Dec 31 2003.
“The club’s losses must be covered and the Capital increased during the shareholders’ meeting,” announced Nebiolo on ‘Radio Radio’.
“Parmalat are unable to introduce fresh funds, but they can convert credits into Capital. If that doesn’t happen, then the alternative is liquidation.”
This is a crisis point for the Gialloblu, as the football club risks going under along with majority shareholders Parmalat.
Nicknamed the ‘Italian Enron’, the dairy giants were today declared insolvent after £2.6bn went missing from their bank accounts.
President Stefano Tanzi and patron Calisto Tanzi are under investigation for fraud as one of the giants of Italian industry crumble.
“The Tanzi family remains a central focus for us,” continued the director general, “so obviously the players felt the effects of this disaster.”
“The city has already shown it is close to this club and there could be new investments from local banks and businessmen, but this can only be discussed after the increase in Capital.”
AC Parma are currently running at a loss above the legal limit for football clubs in Serie A and must take drastic action in the next shareholders’ meeting on Dec 31.
After Fiorentina were declared bankrupt and Lazio almost went down along with majority shareholders Cirio in a similar situation, we could see another Italian giant collapse due to financial problems.
The situation could deteriorate further, as Bologna President Giuseppe Gazzoni Frascara has announced plans to sue clubs with unbalanced books.
“Anyone can make a winning team if they don’t pay their players,” snapped the Rossoblu chief.
If the Federal Court accepts this appeal, then clubs who are running at a marked loss – such as Roma and Lazio – could be docked points.
------------------------
You know what this means, right? Free players \o/
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