Legal battle over Parma ownership

By Football Italia staff

The majority and minority shareholders of Parma are waging legal battle for control of the Serie A club just weeks after the takeover.

The club went bankrupt in 2015 and had to begin again from Serie D with a group of local businessmen under the banner ‘Nuovo Inizio’ – new beginning.

They sold 60 per cent of the shares to Chinese businessman Jiang Lizhang’s Desports group the day after their promotion to Serie B in June 2017.

On October 24, the Nuovo Inizio conglomerate resumed control by purchasing 60 per cent of the club, leaving 30 per cent to Jiang Lizhang and 10 per cent to small shareholders.

This weekend, the Chinese investors, including Hope Group and Link International, announced they were taking legal action to regain control.

“Jiang Lizhang’s love for Parma Calcio 1913 has been shown over the years thanks to the numerous injections of capital into the club and the guidance that proved decisive on this marvellous journey from Serie C to Serie A.

“Jiang Lizhang and Hope Group maintain their work at Parma Calcio is not done, as we want to see the club fully consolidated in Serie A and competing for more ambitious objectives than merely remaining in the top flight.

“Jiang Lizhang considers the recent changes to be invalid and inconsistent with the principles of good faith. Consequently, Hope Group, Link International and Jiang Lizhang are taking legal action to regain control of Parma Calcio, so we can give our fans and the club the future that we all want and deserve.”

Nuovo Inizio released their own statement on the official club website, insisting they were “perplexed” by the situation.

“We wish to clarify that the purchase of the majority shares in Parma Calcio 1913 by Nuovo Inizio was totally legitimate and a direct consequence – as the other party well knows – of the multiple, very serious and confirmed defaults of Link International, who in recent months gave the reiterated and obvious proof that it is not capable of holding the role of majority shareholder in Parma Calcio 1913, putting the continued existence of the club at serious risk.

“On Friday November 16 2018, Nuovo Inizio and PPC SpA deposited in the courts a demand for damages faced with the serious defaults of Link International.

“As is our approach since the start of this adventure, we prefer to let our actions do the talking and any decisions made by the authorities, leaving aside controversy and confused proclamations to who – evidently – have nothing else to rely on.”

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