As an investigation into the bankrupt Italian food giant Parmalat continues, the future of the football club Parma, which is controlled by the company, is coming under scrutiny.
This report from Harry Peart:
Parma football club has risen to international status since it was taken over by the Tanzi family, which runs Parmalat, in 1991. The town has a population of only 170,000, but the millions of dollars that the Parmalat empire has injected into the club ensured the team has a high class football pedigree.
Two years after being taken over, Parma won the European Cup Winners Cup and a year later was the runner up. It won the UEFA Cup in 1995 and 1999. But even against the Italian background of high debt, Parma is in a perilous position. It's reported to have lost almost 100 million dollars last year, and owes Parmalat a large proportion of the debt.
But Enrico Bondi, the rescue manager brought in to salvage Parmalat thinks Parma will survive. He says there is an Italian way of doing things which is different from other countries, and that Parma will not be allowed to go into bankruptcy. He points to the fact that the club has top quality players to sell, including five members of the Italian national under 21 team. In spite of the serious financial problems at Parmalat, the football club still has reasons for cautious optimism.
Harry Peart, BBC
risen to international status
alcanzó nivel internacional
a high class football pedigree
jugadores de renombre
against the Italian background of high debt
tradición italiana de tener grandes deudas
a perilous position
situación económica difícil
gerente al que se contrata para evitar que una compañía llegue a la quiebra
an Italian way of doing things
un estilo italiano para hacer las cosas
to go into bankruptcy
declararse en bancarrota
reasons for cautious optimism
tiene razones para mantenerse relativamente optimista