Maurizio Zamparini laments that he can’t sell Palermo until bankruptcy proceedings are closed, with prosecutors still examining player valuations.
Proceedings have been opened against the Serie B club, with prosecutors alleging that there’s a €70m hole in their accounts.
According to the Gioranale Di Sicilia, expert opinion valued the Rosanero squad at €58m, €16m more than the estimate by Wallabies, a company hired by Zamparini.
Maurizio Zamparini laments that he can’t sell Palermo until bankruptcy proceedings are closed, with prosecutors still examining player valuations.
Proceedings have been opened against the Serie B club, with prosecutors alleging that there’s a €70m hole in their accounts.
According to the Gioranale Di Sicilia, expert opinion valued the Rosanero squad at €58m, €16m more than the estimate by Wallabies, a company hired by Zamparini.
Meanwhile, prosecutor Alessandro Colaci has stated that the squad is worth just €19m, the newspaper reports.
However, it's claimed that the prosecutor took these valuations from a well-known transfer valuation website.
The significance of these disparate valuations is that the playing squad is one of a football club’s most valuable assets, so if Palermo are overvaluing their squad there is a risk that they could become insolvent.
There is also an expected payment of €28m from a company based in Luxembourg called Alyssa, which bought Mepal, the company which owns the Palermo brand.
However, magistrates are alleging that Mepal is a front and won’t have the money to pay that, leaving Palermo with a further hole in their accounts.
“[Frank] Cascio is gone,” Zamparini told Giornale Di Sicilia, after a failed takeover bid.
“I don’t even know whether or not he was going bankrupt. But I’m talking to other parties, people who have bought clubs in England and in Spain.
“Until the bankruptcy proceedings are dropped though, no-one can come forward.
“It’s an investigation which has played very badly abroad, all my assets have been frozen for eight months.”
Palermo also have a number of players heading off for international duty this week, but Serie B gets no international break.
“If we don’t go to Serie A I’ll sue for damages. We’ve already instructed our lawyers, certain decisions go against the regulations of the FIGC itself.
“It’s not possible for a club that is fighting for promotion to have players taking away for friendly matches.
“It goes against the values of sport, where are the values if you’re taking away half a team to play friendlies?”