Relegation-threatened Serie A club Palermo are a better investment than Chelsea, their new president Paul Baccaglini said yesterday.

Baccaglini, who was born in the United States to an American father and Italian mother, was named as the new president one week ago after his fund agreed to take over the Sicilian club.

He replaced Maurizio Zamparini, who had been in charge since 2002 and oversaw nearly 40 coaching changes during his 15 year spell.

Palermo lost 3-0 at home to Roma on Sunday, leaving them stuck in the Serie A relegation zone and seven points adrift of safety, but Baccaglini said he remained optimistic about their future.

“Palermo represents a chance to give value to an extraordinary city – the fifth in Italy, and the beacon of the south,” he said.

“If I were to buy Chelsea for €1.5 billion, I can sell it, if I do really well, for 1.8 billion. Palermo, on the other hand, allows me to foresee a much bigger profit margin.”

Baccaglini said the club was in a safe pair of hands.

“The first person who had to be convinced of the operation was Zamparini, the negotiations lasted for months and everything was discussed with him,” he said.

“If he continued with the project, it is because he has seen all the guarantees that, for privacy reasons, are not in the public domain.”