Parma sign Giovinco in co-ownership deal

Serie A side Parma have purchased 50% of Sebastian Giovinco’s contract from Juventus, the Bianconeri have conformed.

The Ducali have excercised the option to buy half of the player’s contract following his impressive loan spell at Ennio Tardini.

Juventus have announced the deal on their official website.

“Juventus football club confirm Parma FC excercised their option to buy 50 percent of the sporting rights of Sebastian Giovinco for 3 million euros to be paid over three years,” read the statement on club’s official website.

“The operation which takes effect from July 1st 2011 will generate a profit of around 2.7 million euros on the 2011-12 budget.”

Following a very successful loan spell at Parma that saw Giovinco return to Italy fold, the player always wanted to remain at Ennio Tardini.