Serie B side Parma have a new Chinese President, Jiang Lizhang, who pledged the club will “rise again like a giant to take its rightful place.”
The Ducali went bankrupt in 2015 and a new club began from its ashes in Serie D, but has already worked its way up to Serie B and is pushing for promotion.
That was achieved thanks to Nuovo Inizio, a conglomerate of local businessmen who retain 30 per cent of the club.
Today, 60 per cent of the shares were officially sold to Desports Group in China and their new President is Jiang Lizhang, adding an extra €15m to the coffers.
The remaining 10 per cent of the shares are in the hands of supporters via crowdfunding.
Former Parma striker Hernan Crespo has been appointed Vice-President and will have a stronger role in the day to day running of the club.
Jiang Lizhang already bought Spanish side Granada from the Pozzo family, own 90 per cent of Chinese club Chongqing Lifan and five per cent of the NBA team Minnesota Timberwolves.
“I don’t want to revolutionise the club, as its identity will remain the same. We will work together, hand in hand, with Nuovo Inizio and PPC.
“Parma will rise again like a giant to take back its rightful place in Italian football. I hope that we can soon celebrate Serie A with the team and the fans.”
Image via parmacalcio1913.com