Parma's new owner and president Giampietro Manenti has been arrested for alleged money laundering.

The businessman has been accused of the illegal activity just one month after agreeing to pay off the club's debts of around €100m (£72.5m).

According to AP, Italy's financial police have confirmed that Manenti is one of 22 people who were arrested by the authorities on Wednesday.

The Serie A club are the subject of a bankruptcy hearing on Thursday.