Palermo sold for ‘symbolic’ €10 fee

3 December 2018 | Clubs & Rightsholders
Palermo sold for ‘symbolic’ €10 fee
Zamparini sells storied Italian soccer team to ‘London-based company’.

Italian soccer second-tier team Palermo has been sold for €10 (US$11.3) to a London-based company, outgoing owner Maurizio Zamparini has announced.

The 77-year-old Italian businessman is a colourful figure, having owned the Palermo since 2002 and appointed more than 40 managers during his tenure.

Following a failed takeover bid last year Zamparini stepped down as the Serie B club’s President and has now sold the club for a “symbolic price” to an unnamed company in London.

“The objective for some time has been to find someone to continue my work with more financial power, capable of investments that I was no longer able to make," he said.

“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.”

Zamparini added the unnamed company will work towards settling the club’s outstanding €22.8 million debt (US$25.8 million) and will also put in plans to build a new stadium and training centre.

The club were relegated to Italy’s second-tier Serie B in 2017 but currently sit top of the table, one point clear of Lecce following the weekend’s latest fixtures.

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