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United sue Lazio for Stam cash
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Manchester United have begun legal proceedings against Lazio for non-payment of the transfer fee for Jaap Stam.
Gruppo Cirio, the Italian food company who have a controlling stake in the Rome club, were declared insolvent today, leading to the suspension of trading in Lazio shares.
United say they are still owed ?12m for the transfer of Dutch international Stam at the beginning of last season.
A statement from the Old Trafford club said: "Manchester United Plc has noted yesterday's press coverage regarding the current financial situation of Gruppo Cirio, an Italian food group, which owns 35% of SS Lazio.
"Manchester United has received no further payments from SS Lazio in respect of the ?12m owed for the transfer to SS Lazio of the registration of Jaap Stam.
"Discussions have been ongoing to reach agreement for a rescheduling of the payment of this debt, and compensation for the delay, but these have still not reached a conclusion."
It added: "While these discussions are continuing, Manchester United has initiated legal proceedings in respect of the outstanding promissory notes from SS Lazio and in respect of the guarantee of the debt by Cirio Finanziaria Spa, a member of the Cirio group.
"Manchester United is working to ensure the discussions reach a satisfactory conclusion."
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