City Football Group (CFG), the Abu Dhabi organization with interests in Manchester City and 10 other soccer clubs, have bought a greater part stake in Italian second-level side Palermo, the Sicilian club reported on Monday.
The move was affirmed at a news gathering in Palermo with City CEO Ferran Soriano and previous proprietor Dario Mirri, who holds a 20% stake in the club and will remain on as president.
"Our goal in the following couple of years will be to get into Serie A," Soriano said. "It's aggressive however this club needs Serie An and it will not be simple since we'll require difficult work. Palermo is joining a family today.
"Palermo is a memorable incredible club and has serious areas of strength for a glad personality. We will cooperate with Dario Mirri to unite his unprecedented work, which points - over the course of the following couple of years - at Palermo's reasonable development. We are glad that the City Football Group has broadened its presence in Italy."
CFG is perhaps of the most remarkable name in football and the greater part proprietor of City, New York City FC, and Melbourne City. It is a holding organization, with 78% claimed by the Abu Dhabi United Group and minority stakes possessed by American firm Silver Lake and Chinese firms China Media Capital and CITIC Capital.
The grouping has likewise put 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 rundown. The Sicilians failed in 2019 and started again as a phoenix club in Serie D, the fourth-level of Italian football.
However, they have quickly ascended back up through the positions, acquiring advancement to Serie B recently by winning the play-off last against Padova.
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