Palermo owner Maurizio Zamparini has announced that he has sold the Italian second tier club to a London based company for a 'symbolic price' of €10.
The BBC report that Zamparini, who bought Palermo in 2002, has sold the club after stepping down as president last year.
In an open letter to the club's fans, Zamparini has said he is 'profoundly sad' to be leaving the club, but insisted that he was thinking of the club's future when making the decision.
He added that he has been searching for someone with greater financial power to 'continue his work', which will include the construction of the club's facilities such as the stadium and the training ground.
Maurizio Zamparini will definitely have a legacy at the Stadio Renzo Barbera. Under his ownership, the club reached the Italian top flight in 2004 for the first time in 30 years. They also competed five times in European competition. They were relegated in 2013/14 but they bounced straight back to the Serie A as Serie B champions, only to be relegated again 2016/17.
Zamparini will also have a legacy of being unpredictable and somewhat entertaining. During his time at the helm, he appointed 45 managers in 16 years.
The current squad is not quite at the level of Palermo's star studded line up of recent years, which included players such as Paulo Dybala, Edinson Cavani, Javier Pastore and Andrea Barzagli. However supporters will be hoping this will be a step in the right direction for the side – who have been in takeover limbo over the last year.