Manchester United sues Lazio

MANCHESTER, England (AP) -- Manchester United announced Friday it is taking legal action against Italian side Lazio for non-payment of the transfer fee for Dutch defender Jaap Stam.

Lazio owner Sergio Cragnotti's food company Cirio, which has a controlling take in the Rome club, was declared Friday to have defaulted in repaying a euro 150 million (about US$150 million) loan.

Trading in Lazio shares was suspended Friday.

Manchester United said it is still owed 12 million pounds ($US18 million) for Stam's transfer at the beginning of last season.

"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," the English club said in a statement.

"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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