Manchester City owners take over bankrupt Palermo

Manchester City owners take over bankrupt Palermo

The majority ownership of Italian Serie B team Palermo has been acquired by the owners of Manchester City, making them the tenth team associated with the Premier League champions.

After dropping to the fourth tier after declaring bankruptcy, Palmero, who played in Serie A in 2016–17, has won two promotions in the past three seasons.

Eleven clubs are owned by the City Football Group.

The other cities are Mumbai City, Lommel SK, Troyes, New York City, Melbourne City, Yokohama F Marinos, Montevideo City Torque, Girona, Sichuan Jiuniu, and Troyes.

“Palermo is a fantastic and historic club with a strong and proud identity,” CFG Chief Executive Ferran Soriano remarked.

“This is a very special club, and our role will be to add value to all of the things which make it so special and steadily improve performance on and off the pitch, using our experience and know-how.”

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