Palermo has been sold to a London-based owners for a "symbolic price" of €10 (£8.75), outgoing owner Maurizio Zamparini announced on Saturday.
The Italian FA board met on Tuesday to discuss the situation in Italy's second tier, but a final decision has again been put back.
Following the bankruptcies of Avellino, Bari and Cesena, the Italian FA decided to block clubs bidding to be reinstated in the league.
Italy's second tier began the campaign with 19 teams following the bankruptcy of three teams and there have since been a series of appeals.
Italy's second tier Serie B will continue with the unusual number of 19 teams after appeals from a further six clubs to be included were rejected.
The sanction has been imposed for an alleged match manipulation attempt towards the end of last season in Serie B.
Frosinone beat Palermo 2-0 in the second leg of their playoff final on Saturday to earn promotion back to Serie A after a two-year absence.
The Serie B promotion playoffs have been postponed by a week because Bari could be deducted two points on Friday.
Parma has earned promotion to Serie A three years after going bankrupt, becoming the first Italian club to earn three successive promotions.
Marcello Nicchi told a news conference he and colleagues had received bullets in the post and said more needed to be done to halt intimidation.
A fan of Italian Serie B club Foggia has apologised after entering the stadium for the game against Cesena in a wheelchair and then walking up steps.
A passage from Anne Frank's diary was read before Italian league matches as part of a number of initiatives to condemn the acts of anti-Semitism.
Anne Frank's diary will be read aloud at all matches in Italy this week, the Italian football federation announced on Tuesday.
Alberto Gilardino has found himself a new club by joining Spezia Calcio, the Italian Serie B club announced on their website on Tuesday.
Perugia's North Korean forward Kwang-Song Han was banned from appearing on Italian TV by his country, according to the Serie B club's president.
Bennacer, a Algeria international, joined the Gunners in 2015 and played in the 3-0 League Cup loss to Sheffield Wednesday that year.
Baccaglini was named as Palermo's new president in March, but delays to the arrival of funds to complete a takeover saw Zamparini lose patience.
Statement on club's official website said Baccaglini and Zamparini met on Tuesday and closed the deal following a positive outcome of due diligence.
Parma have returned to Serie B after earning their second straight promotion on Saturday.
Benevento joined SPAL in ensuring there will be two new clubs in Serie A next season after they beat Carpi in a playoff on Thursday night.
Benevento won promotion to Serie A for the first time in their history on Monday after beating Carpi 1-0 in the second leg of their playoff final.
Francesco Totti could receive a local offer to extend his 24-year career as a footballer -- if he is willing to first undergo a trial with Pescara.
Hellas Verona sealed an immediate return to Serie A with a draw on the final day of the Serie B season on Thursday.
A young midfielder at Italy's Serie B club Spezia has turned down the chance to represent his country at the under-20 World Cup in South Korea.
History is in the making as Italian side SPAL are promoted to Serie A, where they last played in 1968.