London Campany Buys Italian Club for €10 Euros

Palermo, the club currently top of Italy’s second division, have been bought by a “London-based company” for €10 euros, their owner Maurizio Zamparini announced on Saturday, according to AFP.

Zamparini, 77, who purchased the Sicilian outfit in 2002 for €15m, said he had sold “100 per cent of the club” at a “symbolic price”.

He did not reveal the name of the new owners but said they had committed to “settling Palermo’s outstanding credit of €22.8m”.

“A meeting will take place during the coming week with representatives of the new owners, as well as the team and the city of Palermo,” he said.

Founded in 1900, the club has nurtured top players such as Argentine internationals Paulo Dybala and Javier Pastore and Uruguay and Paris Saint-Germain forward Edinson Cavani who played for the club before it was relegated to Serie B in 2014.

Palermo are top of Serie B after a 0-0 draw with Benevento on Friday.

Zamparini said it was with “profound sadness” he was leaving but he was “thinking of the club’s future”.

“I signed my exit from the ownership, with a lump in my throat,” wrote Zamparini in an open letter.

“The objective for some time was to find someone who could continue my work with more financial clout, with important targets that can only be achieved with investments that I was no longer able to make.

“The new London-based owners will put into action, with the help of industrial associations, the necessary activity for the construction of the stadium and training ground.

“I am sad to have been depicted in the media as someone that I am not, as my entire life shows I am an extremely honest, fair, socially active and generous person. With profound sadness and a great deal of affection, I salute you.”