Serie B side Palermo sold for £8.75 to London-based company
Saturday 1 December 2018 13:35, UK
Serie B side Palermo have been sold to a "London-based company" for €10 (£8.75), the outgoing owner Maurizio Zamparini has announced.
The 77-year-old Italian businessman bought Palermo in 2002, but last year stepped down as the club's president.
Zamparini, who made over 40 managerial appointments during his time in charge, said he had sold the club for a "symbolic price".
"It is with a heavy heart that, with the club's future and the Palermo fans in mind, I have agreed to hand over ownership of the club," Zamparini told the club's website.
"What we've managed, and sought for considerable time, is to find a partner that would be able to continue my work but with more financial firepower, and push for targets that can only be achieved with investments that, due in part to unfortunate recent legal developments in Palermo, I was no longer able to provide.
"In addition to Palermo, sold for the symbolic price of €10, Mepal - the company that owns the Palermo brand - has been sold to the new owners, who commit to settling Palermo's outstanding credit, of €22.8m (£20.2m) which will be paid into the company accounts in order to guarantee healthy economic management.
"Meanwhile the new London-based owners will put into action, with the help of industrial associations, the necessary steps for the construction of the stadium and training centre. I have contacted the city's mayor, who has enthusiastically promised to help as much as possible to get the project done within the shortest feasible timeframe.
"With profound sadness, but with utmost affection, I say goodbye."
