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Serie B side Palermo sold for 'symbolic price' of €10 to London-based owners

Serie B side Palermo has been sold to a London-based company for a "symbolic price" of €10 (£8.75), outgoing owner Maurizio Zamparini announced on Saturday.

Citing "recent legal developments" at the club, Zamparini said the sale to the unnamed new ownership group will take on a €22.8 million debt and assist with the construction of a new stadium and training centre. 

Maurizio Zamparini had owned Palermo since 2002.
 

"I am sad about the recent incidents that I have been drawn into and which have led me to be portrayed...

Frosinone returns to Serie A after promotion playoff win over Palermo

Frosinone beat Palermo 2-0 in the second leg of their playoff final on Saturday to earn promotion back to Serie A after a two-year absence.

Raffaele Maiello scored early in the first half to erase a 2-1 deficit from the first leg.

That would have been enough to see Frosinone through because they finished higher in the season table, but Camillo Ciano sealed it in stoppage time by finishing off a counter-attack.

Frosinone, located south of Rome, joins Serie B champions Empoli and runners-up Parma...

 By Ben Gladwell

American Paul Baccaglini's Palermo takeover called off by Zamparini

Paul Baccaglini had hoped to be the new man in charge at Palermo.

Paul Baccaglini has told Palermo fans he hopes to become the club's owner one day after negotiations to take over from Maurizio Zamparini broke down at the weekend.

U.S.-born Baccaglini was named as Palermo's new president in March, but continued delays to the arrival of funds to complete a takeover saw Zamparini lose patience.

He called off the deal and demanded that Baccaglini step down as president.

Zamparini, who still hopes to sell the club -- relegated to Serie B last season -- claimed Baccaglini...

American Paul Baccaglini to take over as new owner of Serie B Palermo

Paul Baccaglini will be the new man in charge at Palermo.

Palermo have announced that American-born Paul Baccaglini will take over ownership of the club from Maurizio Zamparini by the end of the month.

A statement on the club's official website said Baccaglini and Zamparini met on Tuesday and closed the deal following a positive outcome of due diligence.

Palermo said the change of ownership would go through by June 30.

The club were relegated last season after finishing second from bottom of Serie A.

Baccaglini, who grew up in the United States, moved...