Corrado abandons Parma talks

By Football Italia staff

Parma are a step closer to oblivion, as Giuseppe Corrado formally pulled out of talks to buy the club, leaving only Mike Piazza.

The club needs to find new buyers who can wipe out the €22.6m sporting debt by June 25 or they will not be allowed to register for the 2015-16 Serie B season.

Failure to register will see the Ducali declared bankrupt and be forced to begin again from Serie D.

There were two groups in private negotiations to take over, led by baseball legend Piazza and multiplex mogul Corrado.

However, late Sunday night the Corrado group (Magico Parma S.p.A) released a statement confirming they had “with regret decided to retire from negotiations to buy Parma Calcio.

“The complex debt situation that emerged, but above all the debts that are yet to be defined and the contractual deals written with players for numerous years make any future financial course impractical.

“Closing the operation with this level of risk is not just a gamble, but an investment into an unrealistic prospect that would’ve destroyed funds.

“Over the next few days, as soon as the sale procedure is complete, Magico Parma S.p.A. will provide details that pushed us to this decision.”

Now the fate of Parma is solely in the hands of American baseball star Piazza.

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