September 29 – Serie A’s Parma, is under new ownership with US-based Krause Group have taken a 90% stake in the club.
Nuovo Inizio took control of the club in February after China-based majority shareholder Link International – the investment vehicle of debt laden John Jiang – failed to come up with the cash to fulfil its share of a refinancing.
Nuovo Inizio – a group of local businessmen – completed the deal with Krause Group, last week. Led by Chairman and CEO, Kyle J. Krause, the company’s businesses interest in the United States and Italy include convenience retail, logistics, wineries, hospitality, real estate, agriculture, and sports.
Krause Group also bought 99% of Progetto Stadio Parma srl, the special purpose vehicle created to manage the renovation of the club’s Tardini Stadium.
Parma has had a rollercoaster five years having had to restart from Serie D in 2015 but returning to Serie A in 2018 and finishing 11th last season.
“Once we returned the club of our city to Serie A, restarting from the amateur league only five years ago, Nuovo Inizio shareholders made the commitment to identify a new majority shareholder who would have solidity, passion and the skillset to guarantee a great future for Parma Calcio,” said Marco Ferrari, Nuovo Inizio Chairman.
“The deal signed today signifies the completion of this mission: Kyle Krause’s passion for our country, sport and city makes him perfectly suited to write a new chapter in the history of Parma Calcio. Our greatest well wishes go to the Krause family, while our thanks go to all those who have helped and supported us over the years.”
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