City Football Group have secured an 80 per cent stake in newly promoted Serie B side Palermo, making them the 11th club under their ownership. The deal is the group’s first foray into Italian football and adds to their expanding ownership of football clubs around the world, including Manchester City, Mumbai City FC, New York City FC, as well French side Troyes and Spain’s Girona.
A statement on the club’s official website confirmed the takeover:
City Football Group has acquired a majority stake in Palermo FC. The Sicilian team has a decorated history and is one of Italy’s most popular football clubs. Sicilian and life-long fan Dario Mirri will remain as Club President and Chairman of the Board of Palermo FC.
Last month, Palermo secured promotion to Serie B with a play-off victory over Padova in front of a 32,000 crowd at the Stadio Renzo Barbera. The Club has a strong international following and under Mirri’s stewardship, has swiftly progressed from Serie D in 2019 to the second tier.
Ferran Soriano, Chief Executive of City Football Group, said:
“Palermo is a great and historic Club with a strong and proud identity. We will work with Dario Mirri to continue his outstanding work to grow Palermo sustainably over the years ahead. This is a very special club, and our role will be to add value to all of the things which make it so special and steadily improve performance on and off the pitch, using our experience and know how.”
“Italy is one of the world’s most exciting and passionate football countries, with a rich history of national team and club’s success, passionate supporters and a track record of fantastic footballers. We are delighted that City Football Group has extended its presence in Italy.”
Dario Mirri, Chairman of Palermo FC, added:
“We are so very happy to welcome City Football Group to Palermo. We wanted to find the right investor with a deep knowledge of football to help to continue to take us forward. We have that in CFG. We agreed the investment before the end of the season so we know we have a partner which is committed to growing Palermo in the right way. I am excited to continue to work alongside CFG. They understand and respect the culture and traditions of our Club. We are embarking on a project together which I know all of our fans will be proud of”.
Image from Palermofc.com