Reports | City Football Group closing in on deal to buy Serie B club Palermo
According to Goal, Manchester City’s owners City Football Group are inching closer towards completing a deal to buy Serie B side Palermo. The Italian side had financial difficulties and went bankrupt in 2019 but has since returned as a phoenix club, climbing back into the Serie B.
Following serious financial issues between 2017 and 2019, Palermo FC were removed from the Italian football pyramid by the Italian football federation (FIGC). However, the club fought back and returned as a phoenix club named Palermo, later changing it back to Palermo FC, and started from the bottom in Serie D. The club were promoted on their first attempt to the Serie C and then fought back to gain promotion again during the 2021/22 season into the Serie B via the playoffs.
That combined with the club’s current financial state has seen reports indicate that they are looking at potential investors but Goal has reported that City Football Group are closing in on a deal to buy the Sicilian side altogether. The report has revealed that Manchester City’s owners, who have ten teams in their roster, are looking to add an Italian team and believe that Palermo FC is the right move especially given their history over the last 120 years.
However, while no deal is done yet, the CFG are closing in on an agreement with Palermo’s current owners with both parties confident of getting things over the line. Furthermore, the club still continue to attract crowds of over 30,000 on the regular which has further attracted City Football Group as they believe that will only rise. Goal has also reported that the group will spend between €12 million and €13 million for about 80% of the club’s shares which would make them a major shareholder in the club.