Paul Baccaglini has officially resigned as President of Palermo after the takeover bid fell through, so the club is back in Maurizio Zamparini’s hands.
The takeover by the Italian-American group led by satirical TV correspondent Baccaglini had been agreed in February, but the necessary funds did not arrive on schedule.
After missing the deadline for the closing last week and presenting a different payment structure, Zamparini rejected the latest bid.
This afternoon, a statement released by the Sicilian club confirms Baccaglini and his associates have all resigned from the Board of Directors.
That means the club will be back in the hands of former President Zamparini, at least until new investors or a different President can be found.
Palermo were relegated and are due to participate in Serie B for 2017-18.
See the latest Serie A predictions and betting tips with Eurotips.co.uk