Italian Serie A soccer club AS Roma has been save from financial ruin after a major domestic bank agreed to buy a substantial stake in the team.
Capitalia will take a 49 percent in the club’s holding company, Italpetroli, in a deal which will see EUR35m of debt owed to the bank’s Banca di Roma swapped for equity.
The holding company now intends to liquidate real estate and other assets to free up funds to help plough more money into the club.
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