Palermo president Maurizio Zamparini says he is stepping down.

The Rosanero confirmed the decision in a statement today.

“President Maurizio Zamparini announces that he has tendered his resignation as President of Palermo," a statement on the Rosanero's website reads.

“Within 15 days a new President will be appointed, who will will be presented at a Press conference in Palermo.

“The new President is a representative of an Anglo-American fund, which is under contract to invest in the projects of Gruppo Zamparini with initial investment priorities for Palermo Calcio, namely the stadium and the training ground.

“The objective of the investors is to return the club to the position the city deserves, EUROPE [sic], with a three to five year program."