Palermo Join City Football Group
Update - 3 July 2022: According to various reports, City Group have acquired 80% of shares of newly promoted Serie B club Palermo, paying €12-13 million.
Italian club Palermo are set to join the City Football Group, the holding company that owns Manchester City and several other clubs around the world.
Palermo to Join City Group
Palermo's acquisition by the City Football Group has not been officially announced yet, but news of the takeover is being widely reported in the Italian media. According to Sky Sport Italia, Palermo patron Dario Mirri had a two-hour meeting in Milan on Tuesday with representatives from City Group, who were also present as Palermo secured promotion to Serie B by beating Padova at the weekend.
After U.S Città di Palermo went bankrupt in 2019, the club was forced to start life again in Serie D, winning promotion to Serie C in their first season and changing their name to Palermo Football Club in July 2020. They had also adopted a modernised club crest in 2019, although there could possibly be more change in that department soon, as City Football Group have a penchant for roundel badges.
The Sicilian club will be the first Italian team acquired by the Emirati group. Fans will be hoping the stability and investment that comes with having such owners will help them secure a quick return to Serie A and success in the future, after a difficult few years. Some will rightly be wary about a loss of the club's identity however, as they join the 11 other clubs on the City Group's roster.
Palermo's Puma home kit from 2012-2014
One very possible change is that Puma will come in as technical sponsor, as has been the case with many other clubs who have been bought by City Group. Puma previously made Palermo's kits from 2012 to 2014. Changing the team's colours from pink and black to the City Group's sky blue seems unlikely however, given their long history and passionate fanbase.
No financial details are known yet but they will probably emerge once the deal is finalised, with the agreement rumored to be officially formalised on July 1st.
What do you think of Palermo being bought by the City Football Group? Comment below.
