Palermo have avoided bankruptcy with the announcement they’ve reached an agreement with the local Mirri family.
The Serie B club was on the verge of crumbling after takeover bid from British investors was abandoned and the side returned to former President Maurizio Zamparini’s close associates.
“U.S. Città di Palermo and Damir Srl are delighted to announce an agreement that will allow the club to proceed with renewed vigour towards its aim of promotion,” read a club statement.
“With the passionate contribution of a local businessman, we enter a new phase of Palermo’s history, a phase that promises to match what this great city and fanbase deserves.
“Rino Foschi, Palermo’s president, expresses gratitude to the Mirri family for the effort and willingness demonstrated in recent days, which has been indicative of their strong attachment to the Rosanero colours and the city of Palermo.
“Other contributors to this crucial deal being reached are the Mazzarella legal firm, and lawyer Alessandro Maggio, as well as Capitalink, through partners Giancarlo Ciacciofera and Sandro Rao.”
It's reported the investment is worth €2.8m initially and will cover outstanding wages, ensuring the club won't receive a points penalty.