Palermo have clarified the sale of the Serie B club for €10. “It comes with the commitment to settle” €22.8m of outstanding debt.
The story hit the headlines all over the world when Maurizio Zamparini wrote in his farewell letter that he had sold Palermo to a London-based company for just €10.
“In addition to Palermo, sold for the symbolic price of €10, Mepal – the company that owns the Palermo brand – has been sold to the new owners, who commit to settling Palermo’s outstanding credit, of €22,800,000, which will be paid into the company accounts in order to guarantee healthy economic management.”
Another statement was released this morning to clear up some of the misconceptions about this sale.
“We are satisfied to see the media attention all over the world for the sale of US Citta di Palermo, in line with the consolidated international prestige of our club.
“At the same time, it is important to point out that the sale figure of €10 – which prompted so much global curiosity – was symbolic and comes with the commitment to settle outstanding debt as well as the guarantee of solid economic management, as already highlighted in the letter by Maurizio Zamparini.”
Some of this story is also the reason Zamparini sold the club, as his accounting practices prompted confusion and an investigation.
Essentially, he proved Palermo were debt free by creating a company called Mepal, buying the ‘brand’ at a hugely inflated price, then loaning it back to the club for a minimal fee.
He vehemently denied that he was by-passing Italian financial fair play regulations or engaging in false accounting.
reasonon
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Zamparini, crazy to the end.
Nicholasly
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Less than a pint of Pride, that
GERFootball
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That was an expensive purchase
knackereda
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Goddamn Mike Ashley buying distressed assets again.
Worldmend
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Why can't someone like me buy this up and try'n make a living out of it/ reduce the debt by proper cost cutting measures. I have the 10€ you need for this.
princesss
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There is also debt..
CEO222
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Not shady at all... considering Palermo's former owner is being prosecuted for laundering money
boycott
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This is like the Simpsons episode where Bart buys a warehouse for a dollar.
Bertrams
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Hope they bought some Murcia shares too
dramar
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That's even cheaper than buying a copy of Football Manager and it is the real deal. What a bargain!
Jackys
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Please bring back the Burger King sponsor
catcat
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the moment you pay less for a club than for a burger
Loversad
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How much is the club in debt?
continuebe
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That’s nearly 9x the price we were sold for. What a rip off.
Leedsa
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Could have got two Leyton Orients for that kind of money.
yourself
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The company obviously picked up all the debt too
dangerou
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Can't say I'll terribly miss having two or three managers per season.
FCBrobben
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Mad how expensive football clubs are these days, back in the 80's Chelsea cost Ken Bates £1.
Scottkozel
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At the condition that the new owners will agree to change at least 3 managers each and every season.
destinat
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Just to confirm that this was me and it was paid via Visa Debit. Absolutely delighted to step into the world of football club ownership; there'll be some battles along the way but I'm quietly confident of Champions League football in the next 3 years