Fiorentina deny they are bankrupt

Struggling Serie A club Fiorentina have denied that they have filed for bankruptcy in an Florence court.

"Fiorentina and its auditors categorically deny they have filed for bankruptcy," the club said on its official web site but it admitted a £45 million debt at a board meeting yesterday that also ruled that the club's top stars were now for sale.

Fiorentina may sell goalkeeper Francesco Toldo after all with Enrico Chiesa and Rui Costa following him out of Florence as the club face possible sale themselves to Benetton.

Toldo's £16 million move to FC Barcelona has all but collapsed after the Barcelona board failed to sanction the move which would have represented a world record fee for a goalkeeper.

But Parma AC will meet the Florence club's asking price for Toldo with ease after selling their star - and Toldo's rival to be Italy's first choice goalkeeper - Gianluigi Buffon to Juventus.

Juventus may have to pay £20 million to land Buffon but talks are going ahead with the deal expected to go through next month.

That means Parma need a top class goalkeeper and have turned to Toldo after Fiorentina all but put their top three stars up for sale with the admission of increasing debts.

Fiorentina denied two months ago that the merchant bank Morgan Stanley were in talks to set up the sale of the club away from Vittorio Cecchi Gori's media empire but Benetton are now linked with a bid for the Florence club.

AC Milan, AS Roma and SS Lazio are aiming to sign midfield play maker Rui Costa with Fiorentina asking for £28 million while Inter maintain their interest in a £22 million purchase of Enrico Chiesa.

The Florence club may now sell all three to clear their debts before passing on to new ownership and a new start in Serie A under coach Roberto Mancini who has already delivered the Coppa Italia in his first three months in charge.

Mancini says he will not resign as coach but he is to seek a meeting with Cecchi Gori as he is about to see his best players put up for auction.