Man City owners add 11th club to a global portfolio
Man City owners add 11th club to a global portfolio. City Football Group (CFG), the Abu Dhabi firm with assets in Manchester City and 10 other football clubs, has taken a controlling stake in Italian second-tier side, Palermo, the Sicilian club said on Monday.
The move was disclosed at a news conference in Palermo alongside City chief executive Ferran Soriano and former owner Dario Mirri, who retains a 20 percent share in the club and will carry on as president.
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Soriano
Soriano stated that the club’s ambition for the next few years is to play in Serie A. Even though the goal is lofty, Serie A is essential for this team, and getting there won’t be simply because of the work required.” Today, Palermo becomes a member of a new family.
In terms of football, Palermo has a long and storied history and a strong and proud identity.” Dario Mirri’s amazing work, which intends to sustain Palermo’s growth over the next few years, will be supported by us. As a City Football Group subsidiary, we are happy to have expanded our presence in Italy.”
City Football Group (CFG) is one of the most significant names in football and the majority owner of City, New York City FC, and Melbourne City.. The Abu Dhabi United Group owns 78 percent of the corporation, while Silver Lake, China Media Capital, and CITIC Capital maintain minority shares.
Yokohama F. Marinos, Montevideo City Torque, Girona, Sichuan Jiuniu, Mumbai City, Lommel SK, and Troyes are among the other teams in which the group has made investments.
Palermo have officially been added to the list of Serie B teams. This year, the Sicilians were reborn as a phoenix club in Serie D, Italy’s fourth-tier league.
However, they have quickly risen back to Serie B after defeating Padova in the playoff final earlier this month.