Maurizio Zamparini steps down as president of struggling Palermo

Maurizio Zamparini has relinquished his duties as president of Serie A strugglers Palermo.

The 75-year-old businessman has owned Palermo since 2002, helping the Sicilians return to the top flight after a long absence, while Francesco Guidolin even took them into Europe 12 years ago.

He has since made a reputation for himself as a manager sacker, employing no fewer than 20 men in the role of head coach since Guidolin's successful reign ended in the last decade.

A statement published on Palermo's official website on Monday said Zamparini was stepping aside, with a representative from an Anglo-American investment fund taking the reins in 15 days' time.

The fund has been contracted to invest in the Zamparini Group's various projects, which include building new facilities at the Stadio Renzo Barbera and at Palermo's training ground.

In his statement, Zamparini said the investors' objective was to "restore the club to the status which it deserves, a European position, by following a three-to-five-year plan."

Palermo are, however, battling to avoid relegation from Serie A. With 12 games remaining of the 2016-17 season, the Rosanero are seven points shy of 17th-placed Empoli and safety.