Home Sports Football City Football Group expands into Italy by taking majority stake in Palermo

City Football Group expands into Italy by taking majority stake in Palermo

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City Football Group (CFG), the Abu Dhabi firm with investments in Manchester City and 10 different soccer golf equipment, have bought a majority stake in Italian second-tier facet Palermo, the Sicilian membership introduced on Monday. The transfer was confirmed at a information convention in Palermo with City chief govt Ferran Soriano and former proprietor Dario Mirri, who retains a 20% stake within the membership and can keep on as president.

“Our goal in the next few years will be to get into Serie A,” Soriano mentioned. “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 nice membership and has a robust and proud id. We will work along with Dario Mirri to consolidate his extraordinary work, which goals – over the subsequent few years – at Palermo’s sustainable development. We are delighted that the City Football Group has prolonged its presence in Italy.”

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CFG is without doubt one of the strongest names in soccer and the bulk proprietor of City, New York City FC, and Melbourne City. It is a holding firm, with 78% owned by the Abu Dhabi United Group and minority stakes owned by American agency Silver Lake and Chinese corporations China Media Capital and CITIC Capital.

The group has additionally invested cash in Yokohama F. Marinos in Japan, Montevideo City Torque in Uruguay, Girona in Spain, Sichuan Jiuniu in China, Mumbai City in India, Lommel SK in Belgium and Troyes in France.

Serie B group Palermo have now been added to that checklist. The Sicilians went bankrupt in 2019 and commenced once more as a phoenix membership in Serie D, the fourth-tier of Italian soccer.

But they’ve quickly risen again up by means of the ranks, incomes promotion to Serie B earlier this month by successful the play-off last towards Padova.

This story has been revealed from a wire company feed with out modifications to the textual content.

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