City Football Group acquires majority stake in Italian club Palermo FC
Palermo FC President Dario Mirri announced on Monday that the club will join the City Football Group family with an official announcement on Monday. The club issued the following statement on Monday: “City Football Group have acquired a majority stake in Palermo FC. The Sicilian team has a rich history and is one of the most popular football clubs in Italy.”
Despite a difficult recent past, the club are finally back in Italy’s second tier after winning the Serie C qualifier against Padova last month in front of 32,000 fans at the Stadio Renzo Barbera. Sicilian and lifelong fan Dario Mirri will remain club president and chairman of the Palermo FC board, the club have confirmed.
“Palermo is a great historic club with a strong and proud identity,” City Football Group chief executive Ferran Soriano said in a statement. “We will work with Dario Mirri to continue his exceptional work to develop Palermo in a sustainable way over the years to come. They are a very special club, and our role will be to add value to all the things that make it so special and to steadily improve performance on and off the pitch, using our experience and know-how.Italy is one of the most exciting and passionate football countries in the world, with a A rich history of national team and club success, passionate fans and a fantastic footballing history, we are delighted that City Football Group has expanded its presence in Italy.”
Mirri revealed a deal had been agreed with City Football Group before the end of the season and shared his excitement at finding “the right investor with deep knowledge of football to help us keep pushing us forward”.
“They understand and respect the culture and traditions of our club,” Mirri said. “We are embarking on a project together that I know all of our fans will be proud of.”
City Football Group expands to 12 clubs
Established in May 2013, City Football Group is the world’s largest private owner and operator of football clubs, with full or partial ownership of 12 clubs around the world:
- Manchester City (UK)
- New York City FC (USA)
- Melbourne FC (Australia)
- Yokohama F. Marinos (Japan)
- Montevideo City Torque (Uruguay)
- Girona Football Club (Spain)
- Sichuan Jiuniu FC (China)
- Mumbai City FC (India)
- Lommel SK (Belgium)
- ESTA (France)
- Palermo FC (Italy)
- Club Bolivar (Bolivia) — partner club
CFG has grown in recent years by acquiring majority and minority stakes in different clubs and Palermo FC is the latest example. Abu Dhabi United Group, the investment vehicle owned by Sheikh Mansour bin Zayed Al Nahyan, is CFG’s majority shareholder. A further 12% of CFG’s capital is held by a consortium of Chinese institutional investors led by major Chinese media and entertainment conglomerate CMC Inc. A further 10% is held by Silver Lake, a global leader in technology investment.