Parma to survive says top official
MILAN, Italy (Reuters) -- Parma will survive the bankruptcy crisis of its owner, food group Parmalat, the Serie A club's managing director said on Monday.
"I am convinced that Parma can be saved," Patrick Nebiolo told local newspaper Gazzetta di Parma in an interview.
Parma, currently sixth in Serie A, were one of Italy's leading teams of the 1990s, winning two UEFA Cups, thanks in part to the deep pockets of Parmalat, which is based near the city.
But the global dairy and food group has been forced to file for bankruptcy protection after revelations of a multibillion-euro hole in its accounts.
That has left Parma struggling to find the funds to cover losses of 77 million euros ($96m) in its financial year ending in June in order to avoid liquidation.
"Let's not put Parma in the same bracket as Fiorentina. Parma is not at risk of disappearing," Nebiolo said.
Twice Italian champions Fiorentina went bankrupt in 2002 after they were relegated from the top flight.
A new club, Florentia Viola was formed but was forced to begin life in the regionalised Serie C2. They have since won promotion to Serie B.
Rome-based Lazio were also pushed deep into financial crisis this year by the collapse of another Italian food group, Cirio, which was controlled by Lazio's top shareholder, entrepreneur Sergio Cragnotti.
Nebiolo told Gazzetta that Parma could probably carry out the capital increase it needs to cover its losses only if Parmalat, which is unable to raise any cash, agreed to a deal involving debts owed by the club to the food group.
He said new shareholders might eventually take a stake in the club, diluting Parmalat's near 100 percent holding.
There had been no meeting so far with Parmalat's government-appointed commissioner, Enrico Bondi, to discuss the future of the club, Nebiolo added.
He admitted Parma might agree to sell Brazilian striker Adriano, but not before the end of the current season.
Media reports have linked the player with Inter Milan in a deal worth more than 20 million euros.
