12/1/2018 8:41:22 PM (GMT+3)

Palermo sold for symbolic '10 euros' to Londn-based company

Palermo sold for symbolic

MILAN, Italy: Palermo, the club currently top of Italy’s second division, have been bought by a "London-based company" for 10 euros ($11), club owner Maurizio Zamparini announced on Saturday.

The 77-year-old, who purchased the Sicilian outfit in 2002 for 15 million euros, said he had sold "100 percent of the club" at 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,” he said on 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,” he added.

Mepal – the company that owns the Palermo brand – has been sold to the new owners, who commit to settling Palermo’s outstanding credit, of €22,800,000, 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,” added Zamparini. (Source: Palermo website)