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City Football Group finalizes deal to buy Palermo

O City Football Group (CFG)holding company that owns Manchester Cityis finalizing the purchase of the Palermorefounded in 2019, which will compete in Serie B Italian Championship in the next season.

According to the daily Gazzetta dello Sport, if the operation is closed, the sports group would set foot in Italy. In addition, it would hold 11 clubs of its own or with shares. Confirmation of the sale should occur in the next few days.

The Italian newspaper also highlights that the current owner of the pink team in the Sicilian capital, Dario Mirri, may continue to be a minority shareholder in Palermo. The businessman took control of the team when it went bankrupt in 2019 and was relegated to the fourth division. In 2016/2017, Palermo played in Serie A in Italy.

Comings and goings

The last few months have been full of activity for CFG’s business. In March, the holding company from the United Arab Emirates even made a proposal of R$ 1 billion to buy the Sociedade Anônima do Futebol (SAF) from the Atlético-MG, in a proposal considered low by the board of Galo, current champion of the Brasileirão and the Copa do Brasil. A curiosity is that the dominant color in the main teams managed by the CFG is blue, the same as the archrival cruise.

Currently, the CFG board would be in negotiation for the acquisition of SAF from Bahiawhich disputes the Serie B of the Brazilian Championship and currently occupies the third position. The group made a proposal of R$ 650 million to acquire 90% of SAF do Bahia.

In April, however, there was a reflux in the acquisitions of CFG. The group came close to acquiring NAC Breda, from the Netherlands’ second division. The operation was announced by the team, but City Football Group backtracked and dropped the deal.

football multinational

Despite this, the holding company is present as owner or shareholder in ten teams: Manchester City, Girona (Spain), Troyes (France), New York City (USA), Melbourne City (Australia), Yokohama Marinos (Japan), Montevideo City Torque (Uruguai), Sichuan Jiuniu (China), Mumbai City (India) e Lommel (Belgium).

In addition, in 2021, the CFG announced a partnership with the Bolívar, one of the top clubs in Bolivia. Under the agreement, the group did not buy the team, but will provide coaches and help manage the club. As an advantage, it will keep a percentage of the sale of players revealed during the partnership and will have preference in the hiring of athletes.

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