Palermo have been sold to a “London-based company” for the price of 10 euros (£8.75), the Italian second division side’s owner has announced.
Maurizio Zamparini said he has sold “100% of the club” at a “symbolic price”.
Zamparini, 77, bought Palermo in 2002 and last year stepped down as president. However, his replacement resigned as a takeover fell through.
He made around 45 managerial appointments during his time in charge.
Zamparini said he was “profoundly sad” to finally be leaving but is “thinking of the club’s future”.
In an open letter to fans, he added: “The objective for some time has been to find someone to continue my work with more financial power, capable of investments that I was no longer able to make.
“The new London-based owners will put into action the construction of the stadium and training ground.
“I have, with a lump in my throat, signed my departure.”
When Zamparini took over, Palermo had not been in the Italian top flight for 30 years.
They returned to Serie A for the 2004-05 campaign and competed five times in the Uefa Cup and Europa League under his ownership.
Players such as Edinson Cavani, Paulo Dybala and Javier Pastore featured during the years before relegation to Serie B in 2013-14.
They returned immediately to the top flight as second division champions, but were relegated again in 2016-17.
Palermo are currently top of Serie B, three points clear of Pescara.