Police move in over Lazio shares

Claudio Lotito (Lazio President) and Giorgio Chinaglia.

Italian police are conducting a major investigation into suspected extortion and attempts to influence share prices at former Italian champions Lazio.

Eight suspects are in custody and an arrest warrant has been issued for former Biancoceleste striker and ex-club President Giorgio Chinaglia.

An investigation was opened back in March this year when the value of the club’s shares jumped 34% amid rumours of an imminent takeover bid.

Mr Chinaglia is accused of starting rumours that inflated Lazio's share price by announcing that a Hungarian pharmaceuticals group was interested in buying the club.

"The warrants regard communications, which lacked any basis in fact, which were circulated in the early months of this year by a few individuals about how a foreign group was interested in buying a controlling stake in the club," the Rome police statement said.

While five of the arrest warrants were reportedly for market rigging, four were for fans who allegedly tried to intimidate Lazio president Claudio Lotito into selling the club.

Lotito, a Roman businessman who saved the outfit from bankruptcy, is understood to have received death threats directed towards himself and his family.

Chinaglia has reacted with surprise and dismay, denying any wrongdoing. In an interview with the website for national newspaper La Repubblica, Chinaglia said: "I have fallen off the clouds, I have never been part of extortion. I cannot understand where they want to get to with this, I don't even know the reason why the heads of the Lazio fans have been arrested. It's all very sad.

"Lotito has never wanted to sit at a table with the Hungarian group interested in buying the club and, if one doesn't want to do it, that's it, we let it go. For me, this issue was closed eight months ago to one year ago, considering there was no interest in negotiating. I have returned very calm to the United States, I said to myself, 'Patience'."

On being asked whether he would return to Italy, Chinaglia said: "I will return, I'm Italian. I live abroad but I'm Italian."

The Roman club have been seeking to recover from an 11-point deduction which came as punishment for their role in the Calciopoli scandal which rocked Italy this summer.