Manchester United have initiated legal proceedings against Lazio for non-payment of the transfer fee for Jaap Stam. The Dutch defender moved to Lazio for £16m in August 2001, but United say they are still owed £12m. The Rome giants were hit with a transfer embargo in August after they failed to pay an installment on Stam's fee, which was later lifted.
Trading in Lazio shares was suspended today after Gruppo Cirio, the Italian food company who have a controlling stake in the Rome club, was earlier declared insolvent. 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 £12million 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."
Filed by Greg McKevitt
