MILAN — Parma became the latest Serie A team to come under U.S. ownership when they were taken over by the Krause Group on Friday, the club said in a statement following a deal signed in Milan.
The group bought a 90 percent stake in Parma, which won three major European trophies during its heyday in the 1990s, was declared bankrupt in 2015 and returned to Serie A in 2018.
Nuovo Inizio, a group set up by local entrepreneurs which took over the club following its bankruptcy and relegation to the fourth tier of Italian football in 2015, will retain a 9 percent stake.
The remaining 1 percent will remain with Parma Partecipazioni Calcistiche, the company that brings together fans as shareholders.
The ‘new era’ is gonna start for Parma. @Kyle_J_Krause has just landed in the city to become the new owner and president of the club. @1913parmacalcio made in USA @SkySport #Parma pic.twitter.com/5aVbr9wb6K
— Fabrizio Romano (@FabrizioRomano) September 18, 2020
The announcement comes one month after U.S. billionaire Dan Friedkin agreed to take over AS Roma. Fiorentina and AC Milan are also under U.S. ownership and Bologna was taken over by investors led by Canadian lawyer Joey Saputo in 2014.
Meanwhile, Serie A is in talks with private equity funds for an investment in a newly created media rights business unit.
"The acquisition of Parma Calcio 1913 is the fulfilment of a long-held dream," said Krause Group CEO Kyle Krause. "Parma Calcio 1913 are fighters and bouncing back from Serie D with three consecutive promotions in three years is a testament to their resilience."
Our new President @Kyle_J_Krause's first day in Parma in photos
Check out the full gallery https://t.co/FWbJ3QWcIR pic.twitter.com/uRjFQ4Fp28— Parma Calcio 1913 (@ParmaCalcio_en) September 18, 2020
Based in Iowa, the group owns convenience stores, real estate and two Italian wineries plus Des Moines Menace, a club which plays in the fourth tier of the U.S. soccer pyramid.
Parma, founded in 1913, have never won Serie A but became well-known worldwide in the 1990s with a team which included players such as Argentine Hernan Crespo and Colombian Faustino Asprilla.
They won the old UEFA Cup twice, the European Cup Winners' Cup once, the Coppa Italia three times and finished runners-up in Serie A.
Parma were declared bankrupt in 2015 after a chaotic season which saw them change hands twice, relegated to the fourth tier but returned to Serie A in 2018 after winning three successive promotions.
(Writing by Brian Homewood Editing by Christian Radnedge)
