Palermo have surprisingly announced a takeover with Arkus Network Srl after the York Capital deal fell through.
The Sicilians are currently challenging for promotion from Serie B back into the top flight.
“US Citta di Palermo, represented by Daniela de Angeli, and Arkus Network Srl, represented by lawyer Walter Tuttolomondo, announce that today the parties agreed the closing deal aimed at transferring the entire 100 per cent of shares in Palermo Football Club SPA and its controlled affiliates, which will be perfected over the next few days.
Palermo have surprisingly announced a takeover with Arkus Network Srl after the York Capital deal fell through.
The Sicilians are currently challenging for promotion from Serie B back into the top flight.
“US Citta di Palermo, represented by Daniela de Angeli, and Arkus Network Srl, represented by lawyer Walter Tuttolomondo, announce that today the parties agreed the closing deal aimed at transferring the entire 100 per cent of shares in Palermo Football Club SPA and its controlled affiliates, which will be perfected over the next few days.
“We thank the directors, professionals and consultants who all contributed to the achievement of these agreements. A Press conference will follow, date to be confirmed.”
It is another twist in the tale, because negotiations had been at an advanced stage with York Capital, the US hedge fund with considerable financial backing.
However, it’s reported the deal broke down after disagreement over the €20m debt to Mepal, the company set up by former patron Maurizio Zamparini just to effectively ‘buy’ the brand and loan it back to the club, therefore going around financial fair play rules.