Fresh off of a Premier League title and a string of dominating runs in European competitions, Manchester City’s owners have expanded their reach into Italy, securing a majority stake in second-tier club Palermo.
City Football Group, an investment group based out of Abu Dhabi, purchased the Sicilian club this last week. Man City Chief Executive Officer Ferran Soriano confirmed the purchase in a press conference with former owner Dario Mirri, who will stay on as team president while retaining a 20 percent stake in the club.
“Our goal in the next few years will be to get into Serie A,” Soriano said. “It’s ambitious but this club needs Serie A and it won’t be easy because we’ll need hard work. Palermo is joining a family today. Palermo is a historic great club and has a strong and proud identity. We will work together with Dario Mirri to consolidate his extraordinary work, which aims – over the next few years – at Palermo’s sustainable growth. We are delighted that the City Football Group has extended its presence in Italy,” Soriano said.
Palermo is the 11th club that City Football Group has a controlling stake in. Their other notable holdings are in Premier League champions Manchester City, New York City FC in the U.S., Girona in Spain, and Melbourne City FC in Australia. NYCFC just clinched their first trophy in 2021 winning the MLS cup, Melbourne City has become one of the most dominant Australian clubs since the takeover in 2014, and Girona has slowly become a mainstay in La Liga.
Palermo had been in Seria A for much of the 2000s before going bankrupt in 2019 and being relegated to Serie D. They’ve earned two promotions in the last four seasons and are constantly progressing upwards in Italy. Given the track records of other CFG holding clubs, Palermo should continue trending upwards.
They earned a promotion into Serie B this month after winning a playoff final against Padova.
