Palermo, the club currently top of Italy’s second division, have been bought by a “London-based company” for €10, their owner Maurizio Zamparini announced on Saturday.
Zamparini, 77, who purchased the Sicilian outfit in 2002 for €15 million, said he had sold “100 percent 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 €22.8 million”.
“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 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”.