Football
Associated Press 9y

Two groups cleared for talks to take over bankrupt Parma

PARMA, Italy -- Two parties have been cleared for talks to take over bankrupt Italian club Parma.

One party is reportedly led by retired American baseball player Mike Piazza and the other by local businessman Giuseppe Corrado, who runs a national cinema chain.

In March, Parma were declared bankrupt with debts of more than €200 million.

A statement on Parma's website says that two newly registered companies, Piazza's Nuovo Parma Calcio S.r.l. and Corrado's Magico Parma FC S.p.A. have presented the proper paperwork and deposits to move forward with negotiations.

After finishing last in Serie A, Parma were relegated to the second division and need to register for Serie B by the end of the month. Otherwise they may have to restart in the fourth division.

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