PARMA, Italy -- Former coach Nevio Scala is leading a group of investors applying to revive bankrupt club Parma in the fourth division.
The 67-year-old Scala, who led Parma to three European trophies in the 1990s, is slated to become club president if the Italian federation approves the application.
In March, Parma were declared bankrupt with debts of more than €200 million ($220 million). After finishing last in Serie A, Parma were ordered to play under a new name in Serie D.
The Scala-led club is calling itself Parma Calcio 1913, after the original club's founding year.
The group of investors behind Scala reportedly includes pasta maker Guido Barilla and racecar manufacturer Gian Paolo Dallara.
Scala told Gazzetta dello Sport: "The idea is to create healthy and sustainable football."