Bankruptcy proceedings were opened into Serie B side Palermo this afternoon with reports of a €70m hole in the accounts.
The Sicilians were on the verge of two different takeover operations in the last year, but the club remains in the hands of Maurizio Zamparini.
Today the local authorities presented bankruptcy proceedings to the courts, with evidence taken from the Guardia di Finanza (Financial Police) and expert witness Alessandro Colasi.
According to the latest information coming out of Palermo, there is a €70m hole in the club’s accounts.
Palermo are currently top of the Serie B table and pushing for automatic promotion back into the top flight.