Palermo have announced that Paul Baccaglini, a 33 year old American-born businessman, will be the club’s new president after Maurizio Zamparini stepped down from the role. Baccaglini, born to an American father and Italian mother, co-founded Integritas Capital and has been a board member and financial secretary of Foundation International for the last two years.

The club confirmed the handover in a statement posted on their official website, in which they also revealed that Baccaglini’s consortium would complete their takeover by the end of April.

“US Città di Palermo announces that Paul Baccaglini is the new president,” the statement read. “Paul met Zamparini last year when talks were ongoing with [Frank] Cascio. After Cascio withdrew from discussions, Paul and his consortium showed interest in buying Palermo Calcio and constructing sports facilities.

“A contractual agreement was reached whereby Paul, a founding member and representative of INTEGRITAS Capital, agreed with the club that he will indicate his intention to purchase 100% of Palermo Calcio’s shares by 19/4/17, and to complete the purchase by 30/4/17.

“President Paul has guaranteed both a project and the funds necessary to invest in the club’s playing staff and to construct a new stadium and training facilities.”

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Stadio Renzo Barbera (Palermo)

Zamparini, who leaves Palermo after 15 years in charge of the club, expressed confidence in the club’s new president.

“Baccaglini will be an important president for Palermo. He is a very intelligent person. It’s a testament to his ability that he has already established himself in the world of finance at such a young age. He will know how to put a management team together.

“Paul and the entire new team of directors have big ambitions. They want to take Palermo into Europe and into the Champions League. Meanwhile they will build a stadium and training facilities, which right now are fundamental.”