Credit: Palermo Instagram- Manchester City owners continue to expand their football empire with the acquisition of Serie B side Palermo
- The latest purchase is officially City Football Group (CFG) eleventh club, although Brazilian outfit Bahia have also been purchased this year in a structured 3-year deal
- Palermo was once an established Serie A side with the likes of Cavani, Dybala and Pastore playing for the pink and blacks
Manchester City owners City Football Group (CFG) are on the verge of acquiring their eleventh football club in nine years with the purchase of Italian side Palermo for £11.2m.
The City Football Group’s current list of clubs includes the likes of New York City, Melbourne City, Girona, and of course Man City. The acquisition of Palermo looks to be solid business with the Sicilian side having a long history in Serie A.
The Pink and Blacks have run into hard times of late, going bankrupt in 2019 resulting in demotion to Serie D. The club has rebuilt itself from the bottom tier and secured promotion back to Serie B last season.
City Football Group are acquiring a 78% majority stake in the club that boasts the 36,365-capacity Stadio Renzo Barbera stadium, and a hugely passionate fan base. Sheikh Mansour’s money no object approach will surely see Palermo FC push for a return to Serie A at the first time of asking this coming season.
Palermo enjoyed three fifth placed finishes in Serie A between 2006-2010 and have had a number of high-profile players turn out in their famous pink and black jersey.
City Football Group’s expansion looks set to continue in other regions with Dutch side NAC Breda of interest despite fan backlash. Brazilian league side Bahia is also being purchased for £108m over a three year period.
