Palermo president Maurizio Zamparini, who has overseen about 40 coaching changes in 15 years as the club's owner, has said he is stepping down.
The Serie A side last month made their 11th coaching change in two seasons by hiring Uruguayan Diego Lopez.
Zamparini bought the club in 2002 when they were in Serie B and said a new owner will be named "within 15 days".
"The new president is a representative of an Anglo-American fund," said a statement on Palermo's website.
The 75-year-old took control of Palermo when they were a Serie B club, but they have become a fixture in the Italian top flight during his reign, even competing in European competition.
Before buying Palermo, Zamparini was owner of Venezia, who now play in Italy's third tier, for 15 years.
Palermo are 18th in the 20-team Serie A table, seven points from safety with 12 matches remaining.