Serie B Club Palermo Sold For 'Symbolic' Price of 10 Euros

An unnamed London-based company bought Italian Serie B leader Palermo for the "symbolic price" of €10 ($11.36), according to Brian Homewood of REUTERS. Owner Maurizio Zamparini confirmed the deal on Saturday on the club's website, saying, "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. The new London-based owners will put into action the construction of the stadium and training ground." Zamparini had turned down an offer from U.S.-born businessman Paul Baccaglini "more than four months after it was announced that terms had been agree for the deal" (REUTERS, 12/1). FOOTBALL ITALIA reported the story "hit headlines all over the world" when Zamparini revealed the price, prompting a clarification. The statement read, "In addition to Palermo, sold for the symbolic price of €10, 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 ($25.9M), which will be paid into the company accounts in order to guarantee healthy economic management." In a second statement, the club said, "We are satisfied to see the media attention all over the world for the sale of US Citta di Palermo, in line with the consolidated international prestige of our club. At the same time, it is important to point out that the sale figure of €10 -- which prompted so much global curiosity -- was symbolic and comes with the commitment to settle outstanding debt as well as the guarantee of solid economic management, as already highlighted in the letter by Maurizio Zamparini" (FOOTBALL ITALIA, 12/2).