Parma President Arrested for Money-Laundering

Parma president Giampietro Manenti has been arrested over allegations of money laundering during his takeover of the club, according to reports.

The Serie A club have been plagued with financial difficulties all season and are on the brink of bankruptcy, which has seen them deducted points twice for not paying players and staff.

Italian news agency ANSA claims that Manenti, who bought the club for just 1million Euro in February, is one of several people who have been arrested following over 60 house searches across Italy.

A statement from the Guardia di Finanza – an arm of law enforcement responsible for monitoring smuggling and financial crime – confirmed the arrest of 22 people “for crimes of embezzlement, conspiracy, computer fraud, use of cloned payment cards and mafia-style money laundering”.