The City Football Group (CFG) – the holding company which owns the Premier League champions Manchester City among a number of other sides across the globe – is set to expand its portfolio further, reports Gianluca di Marzio.
As per an article on the well-known Italian journalist’s website, “Palermo [are] increasingly towards the City Football Group: due diligence has begun”, with the intent to finalise the deal ahead of the 2022/2023 season.
The article adds that the CFG is “proceeding strongly in the negotiations for the purchase of the Rosanero company. In fact, due diligence has begun. The timing will not be very short, but the goal of the CFG is to start operating for the next sports season.”
IMAGO / NurPhoto
IMAGO / NurPhoto
IMAGO / NurPhoto
The acquisition of Palermo by the CFG would see the company establish its presence in a new country, and expand its total number of clubs invested into eleven.
Scroll to Continue
The ten sides currently owned outright or with partial ownership include Manchester City, New York City, Melbourne City, Montevideo City, Lommel S.K, Mumbai City, Girona, Sichuan Jiuniu, Yokohama F. Marinos, and Troyes AC.
Palermo was re-founded as a club in 2019 following financial issues which forced the side to restart in Serie D.
They won promotion in their inaugural season to Serie C and will be hoping to repeat their success by winning the play-offs to reach Italy’s second division – as they continue to build back their club piece by piece.
Follow City Xtra on social media: Twitter | Instagram | Facebook | YouTube
Discussion about this post