Once one of the most attractive Serie A clubs were at the very bottom. The club fell into administration, had to come back with a different name and a new company number but they are slowly making their steps toward the Italian elite. Now the Sicilian side continue their fight back with massive support behind them as they are officially part of the City Football Group.Palermo are now the eleventh club in CFG’s extensive network. Italian side are fully inaugurated under the CFG banner alongside with Manchester City, New York City, Melbourne City, Yokohama F Marinos, Montevideo City Torque, Girona, Sichuan Jiuniu, Mumbai City, Lommel SK and Troyes.It sounds strange when taken in consideration that the takeover was completed with a fee of ‘only’ 13 million euros.After purchasing Palermo, City Football Group owns:🏴 Manchester City🇺🇲 New York City🇦🇺 Melbourne City🇺🇾 Montevideo City Torque🇪🇸 Girona🇯🇵 Yokohama F. Marinos🇫🇷 ESTAC Troyes🇧🇴 Bolivar FC🇧🇪 Lommel SK🇮🇳 Mumbai City🇨🇳 Sichuan Jiuniu🇮🇹 PalermoWe are everywhere! 🌍 pic.twitter.com/OvNy61y47G— John B (@Citizen_baker) July 2, 2022 The announcement came on Monday that the City Football Group had acquired a majority stake in the once-bankrupt Sicilian side, who won promotion to Serie B last season.Dario Mirri, who has overseen the club’s rise from the fourth tier, will remain as president and chairman.’We are so very happy to welcome City Football Group to Palermo. We wanted to find the right investor with a deep knowledge of football to help to continue to take us forward. We have that in CFG.’, Mirri said.Palermo were relegated from Serie A in 2017 and were then forced to reform in Serie D after going bankrupt in 2019.The investment could enable Palermo to continue their recent revival after years in the doldrums.##NAJAVA_MECA_6483203##’Palermo is a great and historic club with a strong and proud identity’, CFG chief executive Ferran Soriano said.’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.’CFG was formed in 2013 as City owner Sheikh Mansour looked to expand his presence in the game of football.
