Frosinone beat Palermo 2-0 in the second leg of their playoff final on Saturday to earn promotion back to Serie A after a two-year absence.
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Baccaglini was named as Palermo's new president in March, but delays to the arrival of funds to complete a takeover saw Zamparini lose patience.
Statement on club's official website said Baccaglini and Zamparini met on Tuesday and closed the deal following a positive outcome of due diligence.
Bottom side Pescara claimed a rare win in their final home game of the season as they beat fellow Serie A strugglers Palermo 2-0 at Stadio Adriatico.
Former Palermo man Fabrizio Miccoli could be jailed for four years after being accused of "mafia-style blackmail" to settle a debt seven years ago.
Palermo have picked up just one point from their last eight games and are second from bottom of the table.
AC Milan leapfrogged bitter rivals Inter with a comfortable 4-0 victory over Palermo.
Juan Cuadrado's seventh-minute goal helped Juventus preserve their dominant lead at the top of the Serie A, while Napoli hold on against Empoli.
American-born Paul Baccaglini has been announced as the new president of Serie A strugglers Palermo ahead of his fund's takeover.
Maurizio Zamparini has relinquished his duties as president of Serie A strugglers Palermo.
Paulo Dybala scored twice as Juventus opened up a 10-point lead at the top of Serie A with a thumping 4-1 win against Palermo.
Juventus toppled Inter Milan in the Derby d'Italia while injury-hit AC Milan suffered a surprise 1-0 defeat at home to Sampdoria in Serie A on Sunday.
Palermo have hired their fourth coach of the season after Diego Lopez signed a contract through June 30, 2018.
Corini was hired in November as Palermo's third coach of the season.
Inter Milan recorded an eighth-successive win in all competitions, but only after struggling to break down relegation-threatened Palermo in a 1-0 win.
Marek Hamsik moved to within two goals of Diego Maradona's record of 115 has he struck to help Napoli beat Pescara 3-1 on Sunday.
Massimo Maccarone converted a penalty as Empoli beat visiting Palermo 1-0 in a matchup between clubs trying to avoid relegation.
Palermo have made their second change of head coach this season by replacing Roberto De Zerbi with former Chievo boss Eugenio Corini.
Serie A high-flyers Lazio edged past relegation candidates Palermo by a solitary strike from Sergej Milinkovic-Savic.
The Rosaneri are currently second from bottom in Serie A with just six points from their first 12 games.