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Friday, July 12, 2024

Man City Owner Scores Another Team

Palermo-FC
Palermo FC

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.

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