Rome — Crisis-hit Serie A club Parma has suffered another blow with the arrest of its new owner and president, Giampietro Manenti.
Italy's financial police said Manenti was accused of investing illicit money. Police say he was one of 22 people arrested in a sweep Wednesday.
Manenti took over as Parma's new owner and president last month, agreeing to pay off the club's debts, which are estimated at nearly 100 million euros ($110 million).
Also read: Joel Obi features in Parma draw
Players haven't been paid in months, and a bankruptcy hearing has been set for Thursday.
Parma captain Alessandro Lucarelli says "I hope sooner or later this all ends because honestly we can't take any more."
For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page.