Palermo have a new president as they try to remain in Serie A. Getty

American-born Paul Baccaglini has been announced as the new president of Serie A strugglers Palermo ahead of his fund's takeover.

Maurizio Zamparini relinquished control of the club last Monday, announcing that "a member of an Anglo-American fund" would take the reins in his place.

Baccaglini, born in the United States to an Italian mother, studied in Italy and worked in television before moving into finance as a co-founder of the Integritas investment fund.

Baccaglini will purchase 100 percent of shares in the club in a deal to be concluded by April 30.

Zamparini said: "The ambitions of Paul Baccaglini are to bring Palermo into Europe and the Champions League.

"Meanwhile, there will be funding to build the stadium and training centre, which is essential.

"Baccaglini will be an important president, he is a very intelligent person. I will watch the game on Sunday, I'm behind him and support him."

Zamparini, whose turbulent reign has seen 20 different managers employed since his arrival in 2002, will stay on in a consultant role to advise Baccaglini as the Rosanero bid to pull clear of relegation and remain established in the top flight.

They are currently seven points shy of 17th-placed Empoli and safety with 11 games remaining this season.

"The new owners are from the world of finance and are not familiar with football specifically," said Zamparini. "They asked me to be their adviser and nothing else, I will have no role.

"I will gladly help them to create a structure like Roma, Inter Milan and AC Milan."