/world sport
BOLOGNA, Italy (AP) -- A deal for American company TAG Partners LLC to buy Serie A club Bologna has fallen through.
Bolgona fans were delighted by their side's promotion to Serie A last season.
In June, TAG agreed to buy Bologna in a deal valued at $28 million, which would have made them the first Serie A team to be fully owned by a foreign group.
Bologna had just been promoted to Italy's top division after dropping out three years ago.
The deal was scheduled to be completed on Wednesday, but Bologna president Alfredo Cazzola and minority owner Renzo Menarini announced that they had rejected the American fund's request to extend the deadline by 20 days.
"We did not take this latest request into consideration. We don't support it and we don't accept it," Cazzola told Bologna's Web site.
"Therefore, we are here to announce that our contract with TAG Partners has concluded in an irrevocable manner."
Cazzola and Menarini said they would continue to control the club and invest more money to keep the team in Serie A.
Copyright 2008 The Associated Press. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.
| Most Viewed | Most Emailed |
| Most Viewed | Most Emailed |
From the Blogs: 
Sit tight, we're getting to the good stuff
