Parma to sell 60% of its shares to a Chinese investor

Recently promoted Italian Serie B side Parma have officially announced that its executives will sell 60% of the club’s shares to Chinese businessman Jiang Lizhang, giving him control of the club. Parma have also announced the appointment of former Argentina and Parma player Hernán Crespo as its new vice president. 

Jiang Lizhang is the president of Chongqing Lifan Football Club in China. In 2016, he acquired 98.13% shares in the Spanish club Granada and has a five percent stake in the NBA team Minnesota Timberwolves.   

Parma, twice winners of the old UEFA Cup in the 90s, were once a well-known Italian Serie A club but were declared bankrupt in 2015. It was forced to change its name to Parma 1913 and were demoted to the Italian fourth-tier league.     

Source: 163.com

Proofread by Raymond Fitzpatrick