Paul Baccaglini has been named new president of Palermo.

Baccaglini co-funds the INTEGRITAS Capital fund that will purchase the Rosanero.

“Paul has known Zamparini since last year from negotiations with Cascio," read a statement on the club's official website.

“Paul and his fund showed, after Cascio's withdrawal, their interest in the purchase of Palermo Calcio and the construction of sports facilities.

“A contractual agreement has been reached, whereby Paul, on his own and as a founding member and representative of INTEGRITAS Capital, has agreed through the club that he will indicate by 19/04/17 his purchase of 100 percent of Palermo Calcio's shares, the transfer of which must take place by 30/04/17.

“President Paul has confirmed a programme, which includes funding for the development of a sporting project linked to the Coach for the construction of the new stadium and training ground."