Shoe retailer Geox SpA's (GEO.MI) Founder and Chairman Mario Moretti Polegato has presented a non-binding bid for debt-laden sportswear company Diadora, a source familiar with the matter said Thursday.

The source said that Polegato would make the purchase through his own investment vehicle called Lir and not through Geox.

Late Wednesday, Italian wire service Ansa said that Diadora, whose sneakers were at the peak of their popularity in the 1980's, received three offers, including one from private equity fund Orlando Italy and one from Atlantis partner.

According to the report, Diadora has debt totaling EUR70 million.

"Diadora has a lot of debt. The process could take a long time," the source said.

-By Sofia Celeste, Dow Jones Newswires; +39 06 69766923; sofia.celeste@dowjones.com
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