MILAN (Reuters) - A takeover bid for relegated Italian club Palermo was rejected by its owner Maurizio Zamparini on Saturday, more then four months after it was announced that terms had been agreed for the deal.
Zamparini said in a statement that the terms offered by U.S.-born businessman and former television comedian Paul Baccaglini were not acceptable.
The volatile Zamparini, 76, who has employed around 40 coaches in 15 years at the club, said he had not slept last night.
"I am forced through love and competence to continue the work necessary to get this club back into Serie A," he said.
Zamparini said in February that he was selling Palermo to a fund led by Baccaglini, who was appointed president of the club shortly afterwards.
It was originally announced that the deal would be completed by the end of April but the date has been put back several times.
On Saturday, Zamparini called on Baccaglini to resign. Baccaglini has not yet replied to Zamparini's comments.
The Sicilians were relegated from Serie A in May after a typically turbulent season which saw them employ five coaches.
Writing by Brian Homewood; Editing by Toby Davis