Cassano hands Parma lifeline

by | May 27, 2015 22:27

Antonio Cassano has taken steps to help Parma avoid bankruptcy by giving up a large percentage of outstanding wages.

The club was placed under administration in March after three different Presidents failed to pay wages stretching back to July 2014.

Parma can be saved to begin again in Serie B, but only if the sporting debt – the money owed in outstanding wages – is significantly reduced.

It was originally €75m, but the vast majority of players and staff agreed to waive most of the unpaid salaries.

Antonio Cassano has taken steps to help Parma avoid bankruptcy by giving up a large percentage of outstanding wages.

The club was placed under administration in March after three different Presidents failed to pay wages stretching back to July 2014.

Parma can be saved to begin again in Serie B, but only if the sporting debt – the money owed in outstanding wages – is significantly reduced.

It was originally €75m, but the vast majority of players and staff agreed to waive most of the unpaid salaries.

Cassano only just signed the paperwork giving up a percentage of the money he was still owed, in time for tomorrow’s last auction to sell the club.

The deadline for handing in the agreements is 11.00 UK time (10.00 GMT) on Thursday.

It was confirmed by his wife Carolina Marcialis on Twitter.

Cassano terminated his contract by mutual consent in January, venting his fury at the “broken promises” of Parma owners.

It’s reported that the outstanding players who haven’t yet signed on to reduce wages are Marco Marchionni, Amauri, Dias Felipe, Francesco Modesto and Cristian Zaccardo.

If they all agreed to waive the wages, Parma could be sold at auction tomorrow for just €25m.

That includes €6m for the club itself and €19m of sporting debt.

The other debts can be paid off in instalments by the new owners, but the sporting debt has to be resolved before the end of June so Parma can register for the 2015-16 Serie B campaign.

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