The Corrado Group, who looked set to make a serious bid to buy stricken Italian side Parma, have decided against furthering their interest in buying the debt-ridden football club.
The Ducali finished rock-bottom of Serie A last season, as the outfit not only failed on but also off the pitch, declaring bankruptcy and almost disappearing from the league altogether.
An official announcement made by the consortium, headed up by former Barilla chief executive Giuseppe Corrado, noted that the full extent of the financial problems meant that they were no longer in a position to seriously make an attempt at resurrecting the Gialloblu.
By the end of the 2014/15 season, Parma had already been owned by three different parties, none of which were able to save the club. Administrators have been working hard to find a buyer who will invest and potentially salvage the side from starting back in Serie D, outside the professional ranks of Italian football.
