US-born businessman Paul Baccaglini has been named as the president of struggling Palermo after he agreed that his fund would take over the struggling Serie A club.

Baccaglini will replace flamboyant Maurizio Zamparini, who had been in charge since 2002 before resigning last week.

The Sicilian club said  that Baccaglini, who initially worked in radio and television after moving to Italy, had guaranteed to fund the building of a new stadium and sports centre.

It said Baccaglini had pledged to buy 100 per cent of Palermo’s shares by April 30 through Integritas Capital, which he founded with two other partners.

Baccaglini could quickly find his new club playing in the second tier as Palermo are in Serie A relegation trouble, seven points adrift of the safety zone.

Zamparini announced his resignation last week after overseeing nearly 40 coaching changes during his 15 years in charge.