Italian side Parma have been taken over by the US Krause Group, the club announced on Friday, after the deal was signed in Milan.
The US company purchased a 90 percent stake, making the club the fourth in the Italian top flight under American ownership after Roma, Fiorentina, and Milan.
“The acquisition of Parma Calcio 1913 is the fulfilment of a long-held dream,” said Kyle J. Krause, Chairman and CEO of the Iowa-based Krause Group.
“My family and I have a deep-rooted, intergenerational passion for both football and our ancestral home of Italy.
“Parma Calcio 1913 are fighters and bouncing back from Serie D with three consecutive promotions in three years is a testament to their resilience.
“As president I promise to fight for them every step of the way. I am honoured to don the yellow and blue, and play a small part in the venerable history of this proud team.
“I look forward to growing the team, the sport, and its fandom in Parma, Italy, and the world.”
Parma were among Italy’s top clubs in the 1990s under the ownership of dairy company Parmalat, winning three major European titles.
Parmalat collapsed in 2003 following a huge financial fraud, and the club went bankrupt and were demoted to Serie D in 2015.
Three successive promotions put them back in the top flight in 2018, and they finished 11th in the league last season.
The Krause Group has businesses in the United States and Italy that include convenience shops, logistics, wineries, hospitality, real estate, agriculture, and sports.
Italian clubs have drawn increased foreign investment in recent years.
Texan billionaire Dan Friedkin last month completed a 591 million euro acquisition of AS Roma with Italian-American media magnate Rocco Commisso buying Fiorentina for a reported 170 million euros.
Milan have been under the control of US hedge fund Elliott Management since 2018 after Chinese businessman Yonghong Li defaulted on the loan he took to buy the club in 2017 from former Italian prime minister Silvio Berlusconi.
Chinese retail and media giant Suning purchased a majority stake in Inter in 2016.
