The future of Bologna took a twist as the club’s official website announced the return of coffee magnate Massimo Zanetti to save the club from bankruptcy.
Bologna had been in talks with a North American consortium fronted by Montreal Impact owner Joey Saputo but President Albano Guaraldi became concerned a deal may not be concluded in time to safeguard the club.
With almost €30 million of debt to pay, the next in a series of tight deadlines is scheduled for October 10 alongside simultaneous payment of salaries, fees and awards.
Gazzetta Dello Sport reported that Guaraldi persuaded Zanetti, owner of Segafredo, to step in and take control of the financially stricken club to help them move forward and avoid further financial penalties.
“Saputo reiterated that he was considering completing the deal and we accepted that, but I began to think he would not invest.
“Zanetti had always said that you could count on him when the chips were down, and that was the position we found ourselves in.
“The capital increase is being paid for from his own personal fortune, made by a fan and from the heart.”
Zanetti originally led a consortium of local businessmen to buy Bologna at the end of 2010 but resigned as President just a month into his reign after a disagreement with shareholders. The 66-year-old businessman though retained a minority shareholding but has now put in the required capital to become Bologna’s largest shareholder.
“This time we hope we can stay together longer,” added Guaraldi, who will remain as President.
“It was only a month before but maybe this time it can be five years, enough time to take Bologna back to where she deserves to be.”
American lawyer Joseph Tacopina had been charged with concluding the sale of Bologna with the sale to Saputo’s consortium had been expected to be confirmed by October 8 but that deal now appears dead in the water.
Bologna have been riddled with financial troubles over the past few years, and with the side relegated last season to Serie B had been flirting with financial ruin. The side currently lie 12th in the table although just two points from the automatic promotion berths.
