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Lazio owner's company defaults on loan Posted: Friday November 08, 2002 10:17 PMROME (AP) -- Lazio owner Sergio Cragnotti's food company Cirio was declared Friday to have defaulted in repaying a euro 150 million (about U.S. $150 million) loan. Failure to meet a Sunday repayment deadline prompted the loan's trustee, the Law Debenture Trust Cooperation, to place Cirio in default for lack of payment, the food company said. The ruling only adds to the Rome team's financial woes. On Friday, Manchester United announced it was taking legal action against the Italian side for failing to pay the transfer fee for Dutch defender Jaap Stam. Manchester United said in a statement it is still owed 12 million pounds (U.S. $18 million) for Stam's transfer at the beginning of last season. Another club, Spain's Valencia, has also taken legal action against Lazio, charging that it is still owed euro 12 million (about U.S. $12 million) for Spanish midfielder Gaizka Mendieta, the Italian financial magazine, Il Mondo, said Friday. Lazio narrowly avoided bankruptcy this summer, forcing Cragnotti to sell two top players, Italy defender Alessandro Nesta and Argentine striker Hernan Crespo, to AC Milan and Inter Milan respectively. Lazio shares -- the team was the first Italian club to be listed on the stock exchange -- fell by 6.5 percent to 0.57 euros (about U.S. $0.57) on Thursday. Trading on Lazio shares was suspended Friday. The team is faring better on the field, currently fourth in the Serie A standings, after beating Reggina 3-0 on Wednesday.
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