Rui Costa and Toldo sold to Parma AC for £52 million

Parma AC have landed Rui Costa and Francesco Toldo in a £52 million swoop.

The money is payable over two years and Fiorentina will now meet bankruptcy proceedings in Florence on Tuesday with finances in place to pay off a £45 million debt.

Real Madrid wanted to keep Costa away from AC Milan and Parma AC but Milan were still confident that they could hold off interest in the star and land him from the Florence club soon.

Their hopes have come to nothing though despite Rui Costa favouring a move to Real Madrid or Milan.

The player was especially keen on a move to Spain and this may ultimately be his destination.

Toldo had been trying to revive his move to FC Barcelona this week.

He had signed a pre contract deal with Barca for a £16 million move but their board refused to finance the plan.

Instead Parma have paid out a world record £20 million for the goalkeeper with Rui Costa valued at £32 million in the deal done with Fiorentina.

But Juventus are to sign Gianluigi Buffon from Parma for a world record £22 million for a goalkeeper next week.

Rui Costa is not happy with the move.

Real Madrid wanted Rui Costa if they cannot sign up Zinedine Zidane and had already started talks with Fiorentina.

Real sporting manager Jorge Valdano had faxed an offer to Italy but the Fiorentina board met last night to sanction the £52 million double deal.

Milan were offering £28 million for the creative star and Fiorentina are looking to clear massive debts by selling off their best players with new Milan coach Fatih Terim insisting that Milan beat off interest from SS Lazio and Real to buy Costa.

Rui Costa was always likely to move on in the summer after seven years in Florence.

Fiorentina confirmed debts of £45 million on Monday and are looking to sell off all their top stars with Inter wanting striker Enrico Chiesa and goalkeeper Francesco Toldo still looking to complete a transfer to FC Barcelona.

The double deaL for Rui Costa and Toldo clears their current debt and sets up the sale of the club but clubs interested in the two stars may now enter bids to Parma.

Rui Costa was identified by Real as a suitable replacement if they failed to land Zinedine Zidane from Juventus.

A midfielder with more of the subtle arts than most of his European contemporaries, Rui Costa can drift out of games completely and regularly frustrates the Fiorentina support. When the midfielder is on form he is an unrivalled creator of chances for those around him. For the Portuguese national side he lacks a reliable finisher to round off the moves he starts but Nuno Gomes performed well at Euro 2000 to allow Costa to shine at times. He has magical control when running with the ball but can hold onto it too long. The inheritor of the Baggio and Antongnoni tradition with Fiorentina he has long been linked with a move to AC Milan.

Rui Costa agreed a new contract with Fiorentina last July after Euro 2000 when coach Fatih Terim travelled to meet the player on holiday and ask him to stay at the club.

The new deal lasts until 2004 but Terim is now at Milan.

Milan wanted him to bring the Portuguese star with him but Rui Costa is close friends with Luis Figo on and off the pitch and he has a link to Real Madrid through their world record signing. But Milan were winning the race to sign Rui Costa with Real now buying Zinedine Zidane.

Real have met strong resistance from Juve over their Zidane plans and Juventus themselves may have put in an offer for Rui Costa if Real actually do sign Zidane.

The Lisbon-born player was taken on by Benfica as a 12 year old but when he reached 17 they loaned him to third division club Fafa. He was voted best player in the third division in his one season there and also guided Portugal to the 1991 World Youth Cup title.

Benfica coach at the time was Sven Goran Eriksson and he brought Costa into his midfield as he built a team that was to go on and lift the Portuguese title in 1994 before his £5 million transfer to Italy.