Tuesday December 7 2010
Basketball to save Bologna

Claudio Sabatini, the owner of basketball team Virtus, is prepared to save Bologna from bankruptcy.

The 52-year-old has an appointment scheduled for today to buy 80 per cent of the crisis stricken club.

"To help Bologna ward off bankruptcy, it occurred to me that someone had to make the first move," Sabatini explained.

"Therefore I have decided to remortgage Virtus on the back of his 80 years of history and success, for a figure of at least €10m, making it available up front to three local banks to provide the liquidity to pay the Bologna players' wages.

"When I saved Virtus from bankruptcy in 2003, my colleague gave me up for mad. Today I find myself in the same situation. A business risk exists, but it's a calculated one.

"There is no risk, however, that Bologna can drag Virtus into bankruptcy."