Could Promotion-Relegation work in College Football?
City Football Group’s soccer portfolio is now one club stronger.
The owner of Manchester City FC purchased a majority stake in Palermo FC on Monday. Terms of the deal weren’t disclosed, though some outlets report it could be around $13.6 million.
Former majority owner Hera Hora srl, which is co-owned by team president and chairman Dario Mirri, will retain a 20% stake. Mirri will stay on as the team’s president and chairman.
Abu Dhabi United Group owns roughly 78% of City Football Group, American investment firm Silver Lake owns around 10%, and China Media Capital and CITIC Capital own the remaining 12%.
- CFG also owns New York City FC, Melbourne FC, Yokohama F. Marinos, Montevideo City Torque, Girona, Sichuan Jiuniu, Mumbai City FC, Lommel SK, and Troyes.
- City Football Group entered an agreement to complete the takeover of Brazilian club Bahia in April.
- In January, Club Bolivar joined CFG as the latter’s first partner club.
Palermo’s Promotions
After going bankrupt in 2019, Palermo began playing again as a phoenix club in Serie D — the country’s fourth division club.
The Sicilian club played in Serie C during the 2021-22 season, winning promotion to Serie B — Italy’s second division — with last month’s playoff win against Padova.
“We agreed the investment before the end of the season, so we know we have a partner which is committed to growing Palermo the right way,” Mirri said about CFG.
