Italian Serie B leaders Palermo have been sold to a London-based company for a “symbolic price” of €10 (£8.75), outgoing owner Maurizio Zamparini announced on Saturday.
The unnamed new ownership group will take on a €22.8m debt and assist with the construction of a new stadium and training centre.
Last year, a takeover bid for the Sicilian club from US-born businessman Paul Baccaglini was rejected by Zamparini.
“Thinking only of the future of the company and the supporters of Palermo, I have, with a lump in my throat, signed my exit from the club,” he said.
Zamparini bought the club in 2002 and made over 40 managerial changes during his tenure.