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Parma remains Italian-Chinese. The agreement between the parties closes the dispute between the New Start, the company formed by seven businessmen from Parma who holds the majority package of Parma Calcio 1913, and Link International / Hope Group of the Chinese tycoon Jiang Lizang, who currently owns 30 % of the share capital.
The New Start Agreement had reacquired the majority stake of the company due to serious breaches of contract by the Chinese company. A solution disputed by Lizang. Arbitration by the Milan court was requested on the dispute, but on Friday 13 December came the news of the agreement between the two parties that establishes the «termination of any existing dispute and confirms the current shareholding structure (60% New Start , 30% Link International, 10% Ppc), granting Link International a representative appointed by Hope Group on the Parma Calcio Board of Directors ». Furthermore, according to the note, the agreement provides for the possibility for Parma Calcio 1913 «to take advantage of the scouting network and international know-how developed in recent years by Link International through the Hope Group, which manages the Granada Cf (La Liga) , Tondela Fc (Primeira Liga) and the Chonqing Dangdai Lifan Fc (China Superleague) ».
The dispute The Italian-Chinese partnership in the governance of Parma Calcio 1913, resurrected from the ashes of the 2015 bankruptcy and returned to tread the Serie A fields, was started in the spring of 2017. But after a first phase of good functioning some defaults had arisen. of the then majority shareholder Jiang Lizhang, president of the giant Desports, already active in international sport with the participation also in the Minnesota Timberwolves in the NBA (of which he owns 5% of the shares). Lizhang, who worked with his personal company Link International in Hong Kong, had actually taken over 60% of the club from the Italian consortium formed by entrepreneurs Guido Barilla, Giampaolo Dallara, Mauro Del Rio, Marco Ferrari, Angelo Gandolfi, Giacomo Malmesi and Paolo Pizzarotti, meeting in the company «New Start». The latter had kept 30% of the club’s capital, after having favored the reconstruction and the ascent from the D series, while the remaining 10% belongs since the beginning of the new adventure to the fans.
The delays The closing for the transfer of the majority to Lizhang, in reality, had undergone various postponements due to the buyer and had formally occurred on 16 November 2017. The Chinese partner had paid approximately 18.5 million at various stages to acquire the shares and support the team. However, during 2018, problems arose between Collecchio and China due to the Chinese partner’s failure to comply with the obligations connected, among other things, to the bank guarantees that must be provided for registration in the league, for funding. of the transfer market, as well as for the purchase of the Collecchio Sports Center (2.8 million). The delays of Link with respect to the deadlines set from time to time and extended by the Italian consortium, were mainly justified by the restrictions imposed by the Beijing government on the export of capital and even ended up jeopardizing the registration for the maximum Italian league , reached by Parma thanks to the promotion obtained on 18 May 2018. The Italian consortium has thought about the club’s financial needs in order to meet its financial needs.
The change of majority In June 2018 the Parma Board of Directors therefore unanimously approves a capital contribution of 10 million to cover the losses of more than 20 million accrued with the militancy in Serie B and the “promotion awards”, in order to balance the net assets . Added to this are 10 million new guarantees for the transfer market. The Italian consortium explains to Lizhang how the regulations of Italian football prescribe capital constraints, loan guarantees and payments to be made promptly, subject to penalties, and it says it is ready to make up for the shortcomings of Link until June 30, 2018. Link, despite promising to more and more of taking over the obligations assumed by the Italian consortium and by “Nuovo Inizio”, in mid-October between cash and guarantees accumulates defaults for about 20 million. Lizhang had agreed, in exchange for the financial intervention of “New Start”, to grant Marco Ferrari an irrevocable mandate on 30 January 2018 for the retrocession of 30% of the club’s capital to “Nuovo Inizio” – at a nominal value of 45 thousand euro – can be activated if you have not honored your obligations. The Italian consortium, after granting the Chinese partner several extensions with respect to the deadlines gradually not met, in particular that fixed for June 30, 2018, and faced with the need for business continuity, was forced to enforce this clause and exercise the agreed mandate with Lizhang and validated by a notary.