Parma will survive Parmalat crisis, says club boss ( 2003-12-30 09:59) (Agencies)
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 of Parma.
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 ($96 million) 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 won promotion back to
Serie B this season.
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 nearly 100 percent.
There had been no meeting so far with Parmalat's government-appointed
commissioner, Enrico Bondi, to discuss the future of the club, Nebiolo said.
Nebiolo said 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.
