City Football Group, one of the world’s largest football conglomerates, has added yet another club to its ever-growing portfolio of clubs worldwide, as they have taken over Serie B entrants Palermo by acquiring a majority stake, according to Sky Sport Italy.
Led by Emirati billionaire Sheikh Mansour, 80% of the Rosanero has been acquired for €13M by CFG, after talks between the two parties extended until the twilight of the recently concluded season.
Dario Mirri, the existing owner and president, will retain the remaining shares of the club and maintain his role. He commented during the presentation regarding the takeover.
“I am proud, happy and moved. I did everything I could, now I have the pride and happiness of giving Palermo in the best possible hands. The City Group is the best, not only in terms of financial aspects. It will give us a better organization and future for the club.”
The official announcement has been made at the presence of Manchester City CEO Ferran Soriano, making Palermo the 12th outfit controlled by City Group. They own sides in the United States, Australia, India, China, France, Belgium, Spain, Uruguay and Japan. The Spanish executive added.
“We are happy and honored. We know the club’s history and importance. Mirri has done an impressive job, Serie D to today. Our dream is to go to Serie A, this is our goal in the next few years, an ambitious one. This club needs Serie A, but it needs work because it is not easy. We know that Serie B is difficult. It will take passion, work, intelligence and a lot of patience. From today Palermo enters a family “.
The once-bankrupt Italian side pushed themselves up from Serie C under the guidance of Silvio Baldini, winning the promotion playoff final matches against Triestina, Virtus Entella, Catanzaro and Padova, after ending up third in the third-tier campaign.