The newly promoted side in Italian Serie A, Salernitana, finally could continue their campaign in the top flight after being sold to a local businessman.

US Salernitana was previously owned by Claudio Lotito, the current Lazio president. Such is, in fact, against the regulation in Italian top tier competition as no party could have more than one club playing in the same division. However, after their promotion to Serie A this season, this Salerno-based team was still allowed to compete while waiting for the bid before the end of the year.

Unfortunately, the early relegation threat was looming round the corner as the club had not received any prospective offer when approaching the year end. Salernitana’s fate was eventually rescued by a local businessman named Danilo Iervolino. He reportedly purchased the club for only €10 million, definitely a low figure for a club. The club’s trustees, Paolo Bertoni and Susanna Isgro, did inform FIGC about their acceptance to Iervolino’s offer with €500,000 deposit, extra €20 million for the team’s reinforcement, including budget for the winter signings and other necessary guarantees.

Danilo Iervolino is a Napoli-born businessman who is reportedly planning to revamp the club to be the future ‘Atalanta’ in the long run. The 43-year old entrepreneur is well-known for founding Pegaso University in 2006. It is an open university in Italy which has approximately 60 branch across the nation.

Nevertheless, this news fumes his predecessor who was hoping to seal the deal at €70 million. Lotito had spent millions of Euro when he bought the club in Serie D back in July 2011. At that time, Salernitana was deemed bankrupt. He was believed to have invested around € 42 million throughout the years until they finally made their return to the top tier after their last one in 1998/99 season.

Salernitana’s last season in Serie A was not exactly memorable. They only stayed for one year before going back to the second tier again in 1999/2000 despite being able to win over some of the magnificent seven sides in 1990s. Relying on Marco Di Vaio, David De Michele and the former Milan star, Gennaro Gattuso, Salernitana managed to beat Inter 2-0, thump Juventus and Lazio 1-0 and crush Roma 2-1 while playing at their home turf. Sadly, such victories were not enough to avoid relegation. They sat in fifteenth on the table collecting 38 points only, which was just one point adrift from Perugia finishing above them.