Italy: Parma takeover in progress [Tue Sep 20th, 2005]

Spanish businessman Lorenzo Sanz is one step closer to completing a takeover of Serie A club Parma.

Sanz, owner of Spanish-based company Inversiones Renfisa, paid the first major installment in a deal to buy the Ducale club.

The former Real Madrid president, who had made an initial payment earlier this month, had requested additional time to come up with the next installment.

The Gialloblu club have given Sanz until October 15 to make the final payment.

"Parma's administration committee confirms they have accepted the proposal made by Inversiones Renfisa to postpone until October 15 the sale of 100% of shares in Parma FC," said a statement on the club's official website, www.acparma.com.

PA Sport

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