Parma football board steps down

Tanzi said he was leaving for the good of the club

The entire board of directors of the Parma football club, one of Italy's leading teams, has resigned.

Among those going is president Stefano Tanzi, whose family is implicated in the financial scandal at the food group Parmalat, which owns the club.

The resignations were announced after a crisis meeting of Parma shareholders.

Now, with the Tanzi connection severed, the club faces an uncertain future as it has huge debts and has been put up for sale.

The resignations were announced at a meeting of the club's shareholders.

Mr Tanzi said he was leaving to ensure the club's future.

He is the son of Calisto Tanzi, whose business empire has been destroyed by a $10bn financial scandal.

Since Parmalat bought the club in 1991, huge sums have been spent on buying top players.

What had been a middle-order, small-town club was turned into a leading force in European football.

A new board of directors will be announced next week.

Their first task will be to sell star players to ensure that the club survives financially until the end of the season.

Fans hope that another wealthy business tycoon will step in to replace the disgraced Tanzis.

But the obvious candidates, the town of Parma's other major business family, the Barillas, whose business empire is based on pasta, have said that they are not interested.