Palermo president Maurizio Zamparini has said that he has agreed a deal to sell a majority stake in the Italian Serie A football club to a Chinese state-backed fund.

Zamparini (pictured), who acquired the club in 2002, confirmed the news in an interview with Rai Radio 1, stating that the investor will commit €200m ($224m) towards the club.

The 75-year-old said that the initial investment would be split three ways, with €150m being spent on constructing a new stadium for the team, €30m going towards a new training facility and the remaining €20m being set aside for a “surprise”.

“Am I selling Palermo to the Chinese? No, I'm bringing the Chinese to Palermo,” Zamparini said. “They would become majority shareholders with me as a minority investor.

“Within two months, we should have a final agreement with the Chinese via a state fund. We need people who bring finance, who bring capital.”

Palermo is currently 18th in Serie A after winning just one of its opening seven games of the 2016-17 season. Last term, the club finished 16th, one point above the relegation zone.