UPDATE 1-Fastweb seeks overseer for wholesale unit

* Proposal is alternative to special administration

* Excludes changes to board

(Adds detail, background)

ROME, March 4 (Reuters) - Fastweb FWB.MI is hoping to appoint an independent overseer for its wholesale unit to avoid a court putting a commissioner in control of the entire broadband company as part of a money-laundering probe.

Judicial sources had said the company, which is controlled by Swiss phone company Swisscom (SCMN.VX), made the proposal in a bid to head off prosecutors' attempt to put the whole company under a special administration process. Fastweb confirmed it had done so.

A judge agreed to delay a hearing on the prosecutors' demands so as to allow Fastweb to submit alternative proposals. [ID:nLDE6211M7]

The No. 2 Italian telecoms operator and its CEO Stefano Parisi are being investigated as part of the probe, which has led to the arrest of its founder, Silvio Scaglia.

The company has ruled out any change to its board in its proposal, the sources said, which Italian media had speculated was among the options being considered. Separately, Swisscom chief Carsten Schloter told Swiss paper Neuer Zuercher Zeitung on Thursday that there was no reason to stop backing Parisi.

Sparkle, a unit of Telecom Italia (TLIT.MI), is also being investigated in the probe. Sparkle and Fastweb have both denied any wrongdoing and say they are the victims in the case.

Prosecutors allege the companies had ties to a more than 2 billion euro ($2.7 billion) ring that laundered money via fake sales and purchases of phone services from 2003 to 2006. [ID:nLDE61P161]

For a factbox on special administration and Fastweb's court options, click on [ID:nLDE6210RD] (Reporting by Antonella Cinelli and Deepa Babington, editing by Will Waterman)