Serie A clubs agree 5 million Euro Parma bail out

Serie A clubs have agreed a €5 million bail-out plan that will allow cash-strapped Parma to play out the remainder of the season.

The Gialloblu, who were docked a point earlier in the season for failing to pay their players and staff, are over €100 million in debt and face a bankruptcy hearing on March 19.

Parma have already failed to fulfill two league fixtures, with their scheduled clash with Udinese at the Stadio Tardini on February 22 called off because of the hosts' inability to pay for stewards, while the March 1 trip to Genoa was postponed after players refused to play until their financial problems were resolved.

The club remain in a perilous position but at an assembly meeting on Friday, Serie A teams held a vote over a €5 million bail-out proposal. Sixteen sides voted in favour of the loan, with three abstaining and one team, Cesena, opposing the plan. 

The only condition is that Parma play at least one game before the bankruptcy hearing, with the club's players agreeing to the terms of the deal after meeting with Italian Football Federation (FIGC) president Carlo Tavecchio and Damiano Tommasi, the president of the Italian Footballers Union.

Parma, who are bottom of Serie A, 13 points adrift of safety, are scheduled to host Atalanta on Sunday.