Man City owners are set to buy Italian club Palermo for 13 million euros
The newly promoted Serie B club are set to join a portfolio that includes 10 other clubs around the world, including MLS’s New York City FC
Manchester City owners are close to agreeing a deal to buy Italian club Palermo, Italian sources say OBJECTIVE.
City Football Group (CFG) have been in talks with the Serie B club to become the 11th club in their portfolio.
Palermo have struggled financially in recent years and went bankrupt in 2019 before being reformed as a phoenix club in the fourth tier of Italian football.
Why does City Football Group buy Palermo?
OBJECTIVE understands that senior CFG officials discussed a potential deal for the Sicilian club at the end of last season.
Despite being in Serie C, the club drew over 31,000 spectators for their season-ending play-offs in May and June.
Palermo have reached three Coppa Italia finals in their history and players who have played for the club in recent years include Paulo Dybala, Javier Pastore and Edinson Cavani.
How much will the acquisition of Palermo cost?
OBJECTIVE understands that the purchase of 80% of the club’s shares will cost between 12 and 13 million euros.
How would Palermo fit into the City Football Group?
The Premier League champions are the flagship club of the group, which has 10 teams on four continents, including MLS’s New York City FC.
Other CFG clubs are Girona in Spain, Troyes in France and Lommel in Belgium where City often send players on loan to gain experience.
They also own Australian club Melbourne City, Montevideo City Torque in Uruguay, Mumbai City in India and Sichuan Jiuniu in China, as well as a minority shareholder in Japanese club Yokohama F. Marinos.
CFG is majority owned by Abu Dhabi owner Sheikh Mansour, with significant minority stakes held by Silver Lake and China Media Capital.
Reportedly, he expressed interest in acquiring Dutch side NAC Breda earlier this year but was met with backlash from fans.