Maurizio Zamparini has officially sold Palermo to a company in London for €10, announced the Serie B club, with a touching goodbye letter.
Negotiations had been at a very advanced stage when a statement was released last month, but the deal has now been closed.
“US Citta di Palermo announce that on the evening of 30 November 2018, the passage of 100 per cent of Palermo Calcio shares was signed in front of a notary.
“During the next week, a meeting is planned with the representatives of the company from London, new owners, with the team and the city.”
Zamparini had been at the helm since buying Palermo from then-Roma President Franco Sensi in 2002.
The Rosanero are currently top of the Serie B table and drew 0-0 with Benevento last night.
“Thinking of the future of the club and the Palermo fans, I signed my exit from the ownership, with a lump in my throat,” wrote Zamparini in an open letter.
“The objective for some time was to find someone who could continue my work with more financial clout, with important targets that can only be achieved with investments that I was no longer able to make.
“Other than Palermo, sold at a symbolic cost of €10, we also sold Mepal, the owners of the brand, with the pledge to repay the residual credit to Palermo of €22.8m that will enter into the club coffers to guarantee healthy economic gestation.
“The new London-based owners will put into action, with the help of industrial associations, the necessary activity for the construction of the stadium and training ground.
“I have long ago contacted the Mayor, who promised with enthusiasm to have the maximum collaboration and finish the project as soon as possible.
“I am sad to have been depicted in the media as someone that I am not, as my entire life shows I am an extremely honest, fair, socially active and generous person.
“Every time I visit Palermo, I feel the affection and gratitude of the people. Whenever I walk through any European city, I am shown gratitude and affection by all the Palermitani who emigrated.
“It is gratitude for all the sporting results since my arrival that helped to give Palermo a different image, one focused on the reality of a generous people, who are fair and have cultural traditions going back millennia. With my leadership, there are Rosanero jerseys in airports all over the world and they will be in future too.
“Albeit with the difference of a man from the North, I came and loved your city and your customs. Every time I return here, I’d like to be welcomed as one of you.
“With profound sadness and a great deal of affection, I salute you.