China's Jiang taking over resurgent Parma

MILAN, Italy - Chinese businessman Jiang Lizhang has agreed to buy a 60 percent stake in Italian side Parma, which has just been promoted to the second tier, the club said on Wednesday.

Parma also announced that legendary former Argentina forward Hernan Crespo, who played for the club from 1996-2000 and returned in 2010 to end his career, would become a vice-president.

Parma, twice winner of the UEFA Cup in the 1990s, was declared bankrupt two seasons ago after finishing last in Serie A and being demoted to the fourth tier, but has won two successive promotions since then.