Parma reportedly sold to Russian owners amid financial crisis

According to news reports in Italy, Parma have been sold to a new ownership conglomerate dominated by Russians, with the agreement to the sale coming before today’s match. The club’s manager, Roberto Donadoni, and players were told of the sale before taking the field against Lazio.

Parma are currently embroiled in a financial crisis of massive proportion. After finishing sixth in Sere A last season, Parma were not given entrance to the Europa League as their tax debts prevented them from being granted a licence to participate in UEFA competition. That’s spiraled in to Parma finding themselves dead last in Serie A with just six points from 13 matches, and facing a points reduction thanks to their tax debts still being unpaid and the club having a number of wage payments outstanding as well.

All of that translates to this new Russian-led ownership group paying a mere €5 million to acquire Parma, though they also have to take on the club’s debts from outgoing owner and club president Tommaso Ghirardi. Who all is providing the financial backbone for this new ownership isn’t really known right now, though it will have Italian representation; Fabio Giordano negotiated the deal for the new owners and is expected to be named executive vice president of the club once the deal is finalized and a new president appointed.

What this means competitively for Parma after the sale is uncertain. The new ownership won’t be able to save their club from the points deduction, as Parma missed their latest deadline to pay the tax debt and wages and were not granted an extension by the FIGC, Italy’s governing body for football. With the points deduction added on to their already-miserable standing in the table, staying in Serie A will be a monumental task for Parma this season, new ownership or no.