City Football Group acquire majority stake of Palermo FC for reported €13 million fee
In a statement, Palermo FC have confirmed that City Football Group has acquired a majority stake in the club for a reported €13 million fee after weeks of rumours. The Sicilian side have had financial issues in the past and were reformed as a phoenix club that recently climbed up into the Serie B.
Following serious financial issues between 2017 and 2019, it forced the Italian Football Federation to remove Palermo FC from the Italian football pyramid completely. However, a phoenix club was reborn in Serie D, Italy’s highest level of non-professional football, and since then, Palermo have been climbing up. The club finished first in their only season in Serie D before earning a promotion to Serie B via the promotion playoffs.
However, that combined with their average attendance of 30,000 and their history with Italian football has seen rumours indicate that Palmero were inching closer to a takeover by the City Football Group. That has now been confirmed as the club revealed that Manchester City’s owners have acquired a majority stake in the club for a reported €13 million fee. They become the 11th club in CFG’s stable alongside Manchester City, Girona, Troyes and a few others across the world.
“The City Football Group has acquired the majority stake of Palermo FC. The Sicilian team has a history full of successes and is one of the most popular football clubs in Italy. Dario Mirri, Sicilian and a longtime fan, will remain President of the club and President of the board of directors of Palermo FC,” reads the statement.
“Last month, Palermo achieved promotion to Serie B with a play-off victory against Padova, in the setting of a 32,000-strong Renzo Barbera stadium. The club has a strong international following and under Mirri's leadership quickly made the leap from Serie D in 2019 to the current second professional division of the Italian league.”
Ferran Soriano, CFG’s chief executive, also confirmed the news and praised the club’s history, as he revealed that the group are honoured to have taken over such a “historic club”. Not only that, Soriano praised the Italian football pyramid and believes that the club has what it takes to re-establish themselves as a Serie A club in the near future.
"Palermo is a great and historic club with a strong and proud identity. We will work with Dario Mirri to continue his outstanding work to grow Palermo sustainably over the years ahead. This is a very special club, and our role will be to add value to all of the things which make it so special and steadily improve performance on and off the pitch, using our experience and know-how,” Soriano told the website.
"Italy is one of the world’s most exciting and passionate football countries, with a rich history of national team and club’s success, passionate supporters and a track record of fantastic footballers. We are delighted that City Football Group has extended its presence in Italy.”