MILAN, 27 February 2004 — Fraud squad detectives raided the offices of all Italian first and second division clubs yesterday in a probe into suspected accounting irregularities, judicial officials said.
They also took away documents from the headquarters of the Italian Football Federation (FIGC) and the Italian Football League (Lega-Calcio). The FIGC were ordered to hand over all documents submitted to them by the clubs for the period between 1999 and 2003.
Requests to see the accounts of football clubs have been made by the fiscal police before but never on such a large scale. The investigation stems from allegations that some clubs used fraudulent bank guarantees to ensure they were allowed to play this season.
All of Italy’s clubs have to prove to the sport’s financial regulator that they have sound finances before they can be registered at the start of each season.
Many Italian teams have been struggling with debts in recent years due to spiraling transfer fees, high salaries and policing costs and some have had problems paying their players on time.
Shares in Roma, crippled by debts believed to be around 300 million euros ($370 million), were suspended earlier Thursday pending a statement from the financially troubled club.
Roma President Franco Sensi had admitted he may sell the club to a Russian oil company.
Parma, meanwhile, are in the hands of administrators following the collapse of disgraced parent company Parmalat, currently at the centre of a multi-billion euro fraud scandal.
Last month, Lazio’s shareholders approved a multimillion euro capital injection which was considered crucial to satisfy creditors and keep the club afloat.
Lazio have been mired in financial problems after its major shareholder, Italian food company Cirio, went into liquidation.
In 2002, Fiorentina went bankrupt following relegation from Serie A and were formally wound by an Italian court. The Florence club has since reformed and are now playing in the second division.
