Milan prosecutors open inquiry over Lazio shares

Milan prosecutors have opened an inquiry into possible market-rigging involving shares of Lazio and are investigating two investors in the Serie A club for possible crimes.

The inquiry is the latest news to rock Italian soccer which is already in shock after a probe into possible match-fixing involving the country's most powerful club Juventus.

The sources said magistrates were investigating Lazio chairman, Claudio Lotito, and the second-largest shareholder Roberto Mezzaroma for possible obstruction of market regulators in separate probes in Milan and Rome.

Rome-based Lazio averted bankruptcy in March 2005 thanks to a last-minute deal with tax authorities to extend a deadline for payments due.

Tax police searched the houses of the two investors and Lotito's company Lazioevents, which owns nearly 30 per cent of Lazio, said one of the sources.

The inquiry into market-rigging relates to a 2005 transaction involving a 14 per cent stake in the club.

Shares in Lazio closed down 3.12 per cent at 0.31 euros following news of the prosecutors investigations.