Milan: Serie A club Lazio was put up for sale by struggling Italian company Cirio on Wednesday as part of an emergency restructuring after the canned foods maker was declared in debt default, the company said.
The Rome-based company was officially declared in default on the bond last week. The Milan bourse said it would make a statement on Cirio on Thursday without giving more details.
Cirio’s highest profile investment is its 51 per cent stake in Rome-based Lazio, which earlier this year shed star defender Alessandro Nesta and striker Hernan Crespo as it sought to revamp its own shaky finances for 48 million euros.
Despite the team’s fame, it was unclear how much financial interest it would attract given its own problems and a wider crisis plaguing other Italian soccer teams, weighed down by slumping pay-TV revenues and expensive player contracts.
Cirio’s chairman Sergio Cragnotti, whose management of Lazio has been criticised by some of the team’s former players, was also denounced by one of Italy’s top unions on Wednesday.
“The logic with which the financier Cragnotti has used Cirio to underwrite his financial and ex-industrial adventures is bringing the company to the abyss,” said union leader Vincenzo Lacorte.