Parma Calcio 1913
Krause Group (Kyle Krause) acquisition · 18 Sept 2020
- Seller
- Nuovo Inizio
- Stake acquired
- 90%
- Control
- Yes
- Reported consideration
- €27m
- Implied equity value
- €30m
- League
- Serie A
- Country
- Italy
- Confidence
- MEDIUM
Buyer profile: Krause Group: clubs owned, where they buy next
Krause Group (Kyle Krause) acquired a 90% majority stake in Parma Calcio 1913 from Nuovo Inizio, announced 18 Sept 2020.
Reported consideration was €27m. That implies a 100% equity value of €30m (calculated by us). ~€65m of debt was assumed or restructured. ~€73m of new capital went into the club. A further ~€371m was announced as an investment commitment.
Nearest pre-acquisition revenue was ~€45.2m (FY 2019/20), an equity value / revenue multiple of 0.66x.
- Announced
- 18 Sept 2020
- Closed
- 18 Sept 2020
- Stake after transaction
- 90%
- Status
- completed
Reported consideration
What the buyer reportedly paid for the stake
Implied 100% equity value
Calculated: consideration ÷ stake acquired
Reported club valuation
Enterprise value
Only shown when debt/cash near the transaction date is established
Debt assumed / restructured
Primary capital injection
Total announced investment commitment
Commitments are not purchase price and not valuation
Nearest pre-acquisition financial year: 2019/20
Revenue
Wages
EBITDA
Net debt
Net income
Krause Group (Kyle Krause, Des Moines, Iowa) signed an agreement on 18 Sept 2020 to acquire 90% of Parma Calcio 1913 from Nuovo Inizio, the consortium of local Parma entrepreneurs (Barilla, Pizzarotti and others) that had controlled the club since its 2015 refoundation from Serie D. Italian press (Calcio e Finanza, citing company records) puts the equity consideration for the 90% stake at a precise €26,990,100, implying a 100%-equity value of ~€30m.
- Calcio e Finanza — 'Krause sale al 99% del Parma: quanto ha speso per acquistare il club' ↗Tier 4 · specialist media
2024-10-21 · it — “States Krause paid €26,990,100 for the 90% stake acquired Sept 18 2020, and €2,160,000 for the final 9% acquired Oct 2024 (total ~€29m for 99%). Also reports cumulative shareholder financing of €356.8m through 31 Dec 2023 (€299.8m converted to equity) plus €14.6m more in 2024, for total post-acquisition capital injection >€371m.”
- Parma Calcio 1913 official site — 'Krause Group sale al 99% di Parma Calcio 1913, Nuovo Inizio esce dal club' ↗Tier 1 · primary company
2024-10-09 · it — “Confirms Krause Group Italia completed acquisition of the final 9% stake from Nuovo Inizio on Oct 9 2024, executing the agreement originally signed Sept 18 2020, bringing total ownership to 99% (1% remains with Parma Partecipazioni Calcistiche). Quotes Nuovo Inizio president Marco Ferrari on the group's exit after nearly a decade.”
- ParmaLive.com — 'Pubblicato il bilancio al 31 dicembre 2020: Parma in perdita di circa 22 milioni, Krause ne ha investiti 73' ↗Tier 4 · specialist media
n.d. · it — “Covers the club's accounts for the period ended 31 Dec 2020 (loss of €22,006,787). States that for the 2019-20 season the club had revenue of €45.2m against costs of €76m, and that Krause's Italian vehicle had already injected €73m in shareholder financing (finanziamento soci) by this filing.”
- Calcio e Finanza — 'Krause sale al 99% del Parma: Nuovo Inizio esce dal club' ↗Tier 4 · specialist media
2024-10-09 · it — “Frames the Sept 2020 90% acquisition as an ~€100m 'operation', comprising ~€30m to Nuovo Inizio shareholders and ~€65m in assumed player-transfer/buyout obligations, with no significant bank, tax or supplier debt. Also states Nuovo Inizio had invested €56m in the club since 2015 (including €20m from Chinese partner Desports).”
- Gruppo Parma Calcio 1913 — Bilancio consolidato al 31 dicembre 2020 (club website) ↗Tier 1 · audited accounts
2021-04-15 · it — “'Il presente Bilancio Consolidato relativo al periodo 01.09.2020 – 31.12.2020 ... si chiude con un Patrimonio Netto di Gruppo di Euro -15.478.770 comprensivo della perdita di Euro -22.006.787 ... la controllante Gruppo Gentile S.r.l. ha confermato, mediante un support letter datata 29 marzo 2021, che porrà a disposizione della Capogruppo ... le risorse adeguate ... la controllante Gruppo Gentile ha effettuato versamenti, costanti nel tempo, a titolo di finanziamenti soci infruttiferi e postergati. L'importo complessivo di tali versamenti è alla data odierna pari a Euro 73 milioni.'”
- Parma Calcio 1913 — Bilancio d'esercizio al 31 dicembre 2020 (club website) ↗Tier 1 · audited accounts
2021-04-15 · it — “'Il Bilancio d'esercizio relativo al periodo 01.09.2020 – 31.12.2020 ... perdita di Euro – 21.960.123 ... Totale valore della produzione 18.886.434 ... Totale costi della produzione 40.728.284'”
- SportParma — SERIE A - Bilanci, debiti e Covid: Parma -80 milioni ↗Tier 3 · local media
2021-03-30 · it — “'Secondo i dati riportati dalla Gazzetta dello Sport, con riferimento al bilancio 2019-20 (calciomercato compreso), il club crociato ha avuto ricavi per 45,2 milioni e costi per 76 milioni; il debito netto ... ammonta a 80,2 mln, con un patrimonio netto di -3,2 mln. Sono i dati riferiti al periodo precedente all'arrivo del presidente americano Kyle Krause.'”
- Parma Calcio 1913 — Informativa finanziaria (list of published financial statements) ↗Tier 1 · primary company
2023-07-10 · it — “Lists: 'Parma Calcio 1913, Bilancio d'esercizio al 30-06-2019', 'Assemblea di Parma Calcio 1913 modifica la chiusura dell'esercizio sociale dal 30 giugno al 31 dicembre', 'Parma Calcio 1913, Bilancio d'esercizio al 31-12-2020' — no 30-06-2020 statement published.”