United, Lazio agree Stam deal
Manchester United and Lazio have agreed a deferred payment deal as the Premiership club battle to recover £12million owed from the transfer of Jaap Stam in summer 2001.
The deal, announced to the Stock Exchange on Friday, means the Italian league will pay the balance of the cash owed.
United's statement said the club had reached a 'revised settlement agreement' with cash-strapped Lazio.
And it added: 'SS Lazio has assigned 20.4million Euros (£13.3m), which includes recompense for delay in receipt of these proceeds to Manchester United, with payments commencing in September 2004 and finishing in April 2005.
'Under domestic Italian transfer regulations these amounts are payable by the Lega Nazionale Professionisti (Italian League) and, in accordance with Italian League rules, are backed by bank guarantees or insurance policies.'
The agreement comes just weeks after the Old Trafford club launched legal action against Lazio over the outstanding cash. They had received only £4m of the agreed fee.
Only weeks before the Stam deal was struck, United paid Lazio £28m for Argentine midfielder Juan Sebastian Veron
Lazio were put up for sale by majority stakeholder Cirio, a food company. The club's players have not been paid since June.