In 2021 the club won promotion from Serie B for the first time in 20 years. However, former owner Claudio Lotito, who is also the president of Lazio, was forced to put Salernitana up for sale as Serie A prohibits individuals from controlling more than one club in the league.

Narrowly before the deadline to find a new buyer on 31st December, the club informed the Italian Football Federation (FIGC) that it had reached an agreement with Iervolino.

According to reports in Italy, Iervolino acquired the club for €10 million (US$11.3 million) and will invest a further €20 million (US$22.6 million) to meet Salernitana’s current financial commitments.

The Neapolitan businessman, who founded Pegaso University in 2006, paid a deposit of €500,000 (US$565.3 million) ahead of the takeover.

Iervolino told La Gazetta dello Sport: “I will do everything to save the club, I will focus on young people and the growth of the club.”

The small fee has received heavy criticism from Lotito, who was reportedly holding out for a figure of €70 million (US$79.1 million), according to Italian publication Corriere della Sera.

Since purchasing Salernitana in 2011, when bankruptcy caused the team to fall to Italy’s fourth-tier Serie D, Lotito has reportedly invested around €42 million (US$47.5 million) into the club.