Sanz buys Parma

Ex-Spanish Real Madrid boss Lorenzo Sanz has reached an agreement to buy the financially troubled Italian club. The club announced that they have accepted an irrevocable proposal to buy 100% of the shares from Sanz, and that Sanz already paid one installment of the amount agreed. Sanz hopes to bring the club back to its glory days after the bankruptcy of majority shareholders Parmalat forced the sale of star players. Parma only avoided relegation this season by beating local rivals Bologna in a play-off and sold striker Alberto Gilardino to Milan for £17m. “My move is aimed at bringing Parma back to European competition, where they impressed for 14 consecutive seasons, winning a European Supercup, Cup Winners’ Cup and two UEFA Cups,” Sanz commented to media.