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Chinese Businessman Jiang Lizhang Buys 60% Stake In Serie B Side Parma

Chinese businessman Jiang Lizhang agreed to buy a 60% stake in Serie B side Parma, the club said on Wednesday, according to Brian Homewood of REUTERS. Parma also announced former Argentine int'l Hernán Crespo, who played for the club between '96 and '00 and returned in '10 to end his career there, would become a VP. Parma, a two-time winner of the old UEFA Cup in the '90s, was declared bankrupt two seasons ago after finishing bottom of Serie A and demoted to the fourth tier, but has "won two successive promotions since then." Lizhang already owns Spanish second division side Granada and has a 5% stake in the NBA Minnesota Timberwolves. Parma Dir Marco Ferrari said, "I sincerely believe that this new partner, surrounded by people who love Parma such as Hernán and supported by the current management, can open up unprecedented growth for our club ... and present a great opportunity outside football." Ferrari added that the deal "would be completed early next month" (REUTERS, 6/21).

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