Man City owners take over Serie B club Palermo

The City Football Group (CFG), owners of Premier League club Manchester City, has become new owners of Serie B club, Palermo.

They acquired a majority stake in the Italian Serie B side, making them the 10th club linked to the Premier League champions.

Palmero, who were in Serie A in 2016-17, have won two promotions in three seasons having dropped to the fourth tier after going bankrupt.

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The CFG now owns 11 clubs, including New York City, Melbourne City, Yokohama F Marinos, Montevideo City Torque, Girona, Sichuan Jiuniu, Mumbai City, Lommel SK and Troyes.

CFG chief executive Ferran Soriano said: “Palermo is a great and historic club with a strong and proud identity.

“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.”

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