Maurizio Zamparini confirmed he reached a basic agreement to sell Palermo to Chinese investors for €100m and “it’ll be finalised by Christmas.”
The President had also been in talks with American entrepreneur Frank Cascio, who pulled out last month.
“At the moment there is no closing, but I am negotiating to sell the club for €100m,” Zamparini told Radio Kiss Kiss and Giornale di Sicilia.
Maurizio Zamparini confirmed he reached a basic agreement to sell Palermo to Chinese investors for €100m and “it’ll be finalised by Christmas.”
The President had also been in talks with American entrepreneur Frank Cascio, who pulled out last month.
“At the moment there is no closing, but I am negotiating to sell the club for €100m,” Zamparini told Radio Kiss Kiss and Giornale di Sicilia.
“There is a basic agreement with the Chinese group. The valuation of the club has not changed. This current group cannot be compared to previous aspiring buyers, as here we are dealing with a State fund given the all-clear by the Chinese Government.
“My family would remain with a minority share for three or four years, giving sporting advice. Then we would step aside definitively.
“I don’t think we can close in a month, that would be too soon, but for Christmas I think we could finalise this and make an official announcement.
“There is a letter of intent and, in a few weeks or at most a month, their definitive written proposal should arrive. The agreement has basically already been reached.
“They have pledged to reinforce the squad with the objective of taking Palermo to a high level and continue the plans to build a new stadium and training ground.
“Italian football needs investment and today there simply isn’t any because the financial system penalised us, so we go looking for capital abroad.”