Zamparini’s €10 sale of Palermo paves way for a new start, stadium and Serie A return

December 3 – Italian Serie B football club Palermo has been sold to an un-named London-based company for jut €10.

Maurizio Zamparini (pictured) bought the club in 2002, but last year stepped down as a president and on Sunday announced that he had sold the club. In a letter published on the club’s website, the 77-year-old Italian, who employed more than 40 coaches during his reign, said he was sad to be leaving but was looking to do the right thing for the direction of the club.

“Thinking only of the future of the company and the supporters of Palermo, I have, with a lump in my throat, signed my exit from the club,” said Zamparini.

Palermo had been struggling in the lower regions of Italian football for decades, but under Zamparini’s ownership they returned to the top flight in the 2004-05 season. They also competed five times in the UEFA Cup and later in the Europa League. Palermo currently lead Serie B.

“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,” explained Zamparini.

Last year US-born businessman Paul Baccaglini had expressed interest in taking over the club, but his bid was belatedly rejected by Zamparini.

The new owners have committed to settling Palermo’s outstanding debts of €22.8 million, read the statement. “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,” said Zamparini.

“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.”

Contact the wroter of this story, Samindra Kunti, at moc.l1558652975labto1558652975ofdlr1558652975owedi1558652975sni@o1558652975fni1558652975