The City Football Group empire continues to grow with the acquisition of Palermo
The official announcement was made today and the Serie B side will join Premier League side Manchester City and MLS side New York City FC.
The City Football Group empire keeps growing after they announced the acquisition of Palermo on Wednesday. The Italian club was recently promoted to the Serie B and will be the 12th franchise to join CFG.
Palermo has been struggling since being relegated from Italy’s top-tier in 2017 and they let their insurance policy lapse. This made them ineligible to play in any professional league in Italy but they managed to solve that problem and won the promotion to Serie B last season.
The City Football Club is reportedly purchasing an 80% stake in Palermo for $6.25 million and they are expected to make a return to Serie A in the near future with the new owners. This is a historic team in Italy who reached a peak when they had Andrea Belotti, Edison Cavani and Paulo Dybala in their roster.
What happened to Palermo?
It was reported that the former owner Maurizio Zamparini destabilized the club and went through 35 head coaches in a 15-year period. According to The Guardian, Zamparini “once threatened to slice off his players’ tescticles and eat them in his salada” and sold Palermo in 2018. The team went through an additional six managers the following two years Zamparini parted ways with Palermo.