Yeah that’s true and they sold some of them for good money too.
Don’t forget FIFA legend Miccoli
No, they finished 3rd in Serie B last season. Then we're placed last due to financial irregularities. The club was sold to one of Zamparini's (old owner) mates late last year. Then sold again for basically nothing in February. They failed to provide proper financial information in the summer and essentially went bust. SSD Palermo is for all intents and purposes a new club owned by Renzo Barbera's (Palermo owner during the 70's and 80's) nephew and an Italian American.
Ah OK that makes sense. What a shame for the fans, just shows how quickly things can go badly wrong in a short space of time.
You don't like them?
Mental that they could have been in Serie A and are now in the 4th tier.
Yeah I suppose. If Zamparini isn't involved that's a great thing for the fans even with the demotion to Serie D. He's a literal mad man.
This probably explains some of the financial issues in Greece if this is true. How does this work exactly?
Fired 40 managers in 15 years
Every team has a TIN. The team x is playing in the first division, however it has debts of let's say 100 million and there is no way it can pay back. The shareholders of this team can find another team, y, from a lower division and buy its TIN, thus they dissolve the team x and change everything of the team y to resemble the team x. It is a difficult process because you have to find a low value team that plays in the second division, with no big fanbase or history. The price is that the new team has to play in the division that the team y was playing. But now there are no more debts!
