After the bleak days of bankruptcy and plummeting to the depths of playing in the lowly Serie D back in 2015, Parma are on the rise again with promotion to Serie B after winning the playoffs last week.

In addition to the club's on the field success, it was ​announced on Wednesday that Chinese group Desport and president Jiang Lizhang had bought 60 per cent of the club's shares. 

New Beginning, an association of local entrepreneurs who acquired the club after it went bankrupt in 2015 will retain 30 per cent of shares. The remaining 10 per cent of share ownership will stay with supporters in Parma Participations Football Associations (PPFA).

In addition to new owners, former Parma hitman Hernan Crespo has been elected as the club's vice-president. Crespo, who is currently Desport's technical adviser, will replace Marco Ferrari in the vice-presidency role. 

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Ferrari sees this as a step forward for Parma as a club and expressed his confidence in the Chinese Investors: “Lizhang is a brilliant Chinese entrepreneur, international and contemporary.

"His company, the Desports Group, is an extremely solid and reliable group, large and rapidly growing and we are honoured that Jiang Lizhang has decided to invest in Parma"

Crespo spent six years at Parma as a player over two spells, where he was a firm fan favourite -winning the Coppa Italia and UEFA Cup in his first spell before moving to Lazio, and later both Milan clubs and Premier League side Chelsea.