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The Canadian Press - ONLINE EDITION

Prospective Roma investor suspected of stock manipulation after bid fails

By: The Associated Press

Friday, Mar. 15, 2013 at 1:37 PM | Comments: 0

ROME - Rome prosecutors are investigating an Arab sheik after his bid to buy part of the Roma football club fell through.

Following a preliminary deal with Roma last month, Sheik Adnan Adel Aref al Qaddumi al Shtewi failed to provide the €50 million ($66.5 million) agreed on by Thursday's deadline.

Roma released a statement saying "there is no agreement in place to extend the deadline for closing the transaction and the preliminary agreement with the Prospective Partner should be considered terminated."

Prosecutors on Friday confirmed they will go ahead with their investigation into Al Qaddumi on stock manipulation charges.

In 2011, a group of four Boston executives closed a deal with Roma to become the first foreign majority owners of a Serie A club.

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