Parma strike Giovinco deal

Parma have taken up the option to buy out 50 per cent of Sebastian Giovinco's contract from Juventus.

Midfielder won't return to Juve after clubs agree on co-ownership

Parma have taken up the option to buy out 50 per cent of Sebastian Giovinco's contract from Juventus following a successful loan spell. The 24-year-old joined Parma on a season-long deal last summer and made a positive impression, playing regularly and breaking into the Italy squad. Having scored seven goals in his 32 appearances for the club, Parma have now paid Juve for half-ownership of the player. "Juventus Football Club confirm Parma FC exercised their option to buy 50 per cent of the sporting rights of Sebastian Giovinco for €3m to be paid over three years," read a statement on the Bianconeri website. "The operation, which takes effect from July 1, 2011, will generate a profit of around €2.7m on the 2011-12 budget." Juve had hoped to bring Giovinco back to work under new coach Antonio Conte, but the midfielder repeatedly stated that he wanted to stay with Parma.