Italian football giant Parma sucked into Parmalat black hole

0 Comments | AFP, January, 2004

PARMA, Italy (AFP) — One of Italy's most prestigious football clubs Parma was barely afloat after its director and entire board quit and the club was put up for sale as the scandal that has ravaged parent-company Parmalat began to hit home.

Parma, who have won the UEFA Cup twice, became one of the first victims of the Parmalat fallout following the discovery of a multi-billion euro black hole in the food and dairy giant's finances.

The revelation triggered a massive fraud investigation into the mulitnational, sucking in companies and banks worldwide.

A statement issued by Parma following a crisis shareholders' meeting on Friday announced that club president Stefano Tanzi -- son of arrested Parmalat owner Calisto Tanzi -- and his cousin Palo Tanzi had stepped...