The earned increase in the B Parma Series announced that Chinese investors acquired 60 percent of the club, and Hernan Crespo became vice president.

The Crusaders went bankrupt in 2015 and had to start all over again in Serie D, but last week they managed to climb to Serie B.

Now Parma announced that the Chinese group Desport and President Jiang Lizhang bought 60 percent of the club's shares.

"We believe that at this level the club should have a majority shareholder who can make instant decisions," explained Vice President Marco Ferrari.

"We held a series of positive meetings with the Chinese investor Jiang Lizhong, who is very well known in his country and is the president of Desport, which deals with television rights in the field of sports and already has connections in football and the NBA".

"He is a serious and reliable figure who wants to invest in Parma, as the club has a certain appeal in the Asian market since the 1990s".

Former Parma star Hernan Crespo was appointed vice-president of the club. At the same time, 10 percent remained in the hands of fans.