Cragnotti to step down

Lazio president Sergio Cragnotti has announced he is to resign by January 3.

Cragnotti went public with his decision, which had been widely anticipated, this evening after a Lazio board meeting.

He intends to step down as head of the debt-ridden club provided a new administrator is appointed at the next board meeting, set for January 3.

A club statement said: “Cragnotti will present his resignation as president of Lazio once the new administrator of Lazio is appointed.”

The Rome club was put up for sale on November 13 following the financial crisis that hit the club’s highest shareholder, Cirio, a food company also headed by the Cragnotti family.

Lazio players have not received their wages since June and the club has reported debts of £63million.

Last week Lazio reached reached a revised settlement with Manchester United over the £12million owed to the club over the transfer of Jaap Stam.

The Italian club will now pay £13.3million by way of recompense after agreeing to defer payments until September 2004.

Dutch defender Stam joined Lazio from the Old Trafford club in a £16.5million deal in August last year.

Lazio were already under pressure as goalkeeper Angelo Peruzzi followed in the footsteps of Stam who had earlier this month asked the Italian League for the club to be declared in default.

Players are allowed to do this if they have not received any payment for a minimum of three months.

Other Lazio players are set to present their cases to the league tomorrow.