Fans wait for the start of a friendly match between Parma and Empoli at the Ennio Tardini stadium in Parma, Sept 6, 2020. (MASSIMO PAOLONE / LAPRESSE VIA AP)

Italian Serie A soccer club Parma has been taken over by the US-based Krause Group, the club said in a statement on Friday.

Parma said that the Krause Group had bought a 90 percent stake from previous owners Nuovo Inizio, who would retain a 9 percent stake while the remaining 1 percent would stay with a company that represents fans. The deal was completed in Milan on Friday, the club said.