Italy: City Football Group acquires Palermo FC (promoted to the Serie BKT), its 5^th club in Europe

City Football Group, an investment company specialised in football (clubs, infrastructure, start-ups, etc.), has acquired a majority stake in Palermo FC (promoted to the Serie BKT after the 2021-22 Serie C playoffs), announced both parties on 04/07/2022. CFG are said to have obtained 80% of the club's capital for €13m (excluding bonuses), according to Italian media.

Relegated administratively from the Serie B (second division) to the Serie D (fourth division) due to serious financial problems in July 2019, the Sicilian club had then embarked on a new cycle with new owners (Hera Hora S.r.l.) who enabled the club to string together two promotions in three years. Among the investors who acquired the club's sporting rights from the Palermo municipality, Dario Mirri, nephew of Renzo Barbera (president of the club from 1970 to 1980, and whose name is the title of the club's current stadium), will continue as president.

City Football Group is already a majority shareholder in four European clubs: Manchester City FC (Premier League), Girona FC (promoted to LaLiga Santander), Lommel SK…