Serie A TIM: Parma Calcio 1913 raises capital by €11.7m via majority shareholder Nuovo Inizio Srl

"Parma Calcio 1913 announces that the shareholders' meeting - appropriately convened on 07/12/2018 in accordance with the statutes - approved a capital increase for a total amount of €11.7m," said the club on 17/12/2018.

"The entire amount was subscribed and paid into the club's coffers by the majority shareholder Nuovo Inizio Srl (a group of entrepreneurs from the Parma region who hold 60% of the club, see below), which also covers, on the basis of agreements between shareholders, the share of Parma Partecipazioni Calcistiche SpA (a structure that includes small shareholders, up to 10% of the club's capital)", added Parma Calcio 1913, who stated that "in the event of a subscription within 30 days from Link International (former majority shareholder and current holder of 30% of the club's capital via its former Chinese president Jiang Lizhang), any excess will be returned to the majority shareholder."

"This capital increase was necessary to cover the cumulative losses as presented at the close of the last financial year on 30/06/2018, and those of the current fiscal year up to…