The good times are a-rolling in Palermo and its football club. Just days after being promoted to Serie B, Palermo FC have new owners now. City Football Group (CFG), the holding group behind Manchester City, have completed the takeover of the club.
Read also: How Manchester City won the 2021-22 Premier League title
Deal done!
Manchester City Group now owns Palermo!Palermo enters the galaxy of club owned by the City Group across the world just after being promoted to Serie B
— Tancredi Palmeri (@tancredipalmeri) June 16, 2022
CFG also have controlling stakes in New York City FC, Girona FC, and Troyes, among others.
For Palermo, it marks an incredible turn in fortune from the lows of 2019. CFG have purchased their first club in Italy, and show no signs of slowing down. This deal between Palermo and City Football Group could be extremely beneficial for both parties.
A phoenix rises
Few clubs have had to suffer the fate that befell Palermo in 2019. FIGC, the governing body of football in Italy, demoted Le Aguile to last place in Serie B.
This came after the FIGC discovered financial irregularities in how the club was being run. Palermo appealed the ruling and were successful, meaning their punishment was changed to a reduction of 20 points.
While Palermo are flourishing, Italy will miss a second consecutive FIFA World Cup. Here’s how Italy lined up the last time they played at a World Cup
Aggettivi per #Brunori? 🔥🔥🔥
Da due giorni sposo, oggi 29esimo gol stagionale e Mvp della finale #Cplayoff 💍🏆⚽️
Vai Matteo – premiato dal presidente #LegaPro Francesco Ghirelli – che hai tanto da festeggiare 😉🎉 #PALPAD #SerieC #SerieB @Palermofficial @FrancescoGhire2 pic.twitter.com/EBbjmbBc2D
— Lega Pro Official (@LegaProOfficial) June 12, 2022
That was still fine, but worse was to come. While prepping for the 2019-20 season, Palermo were found to have no valid insurance policy. This was a big no-no in Italy, and the FIGC promptly excluded Palermo from all professional football.
A phoenix club was formed in July 2019, that would take part in Serie D. However, it would only be in 2020 that the club were formally renamed Palermo FC.
Capitan #DeRose alza la coppa dei campioni #Cplayoff 🏆🇮🇹
🎬 @ElevenSportsIT #SerieC #SerieB @Palermofficial @FrancescoGhire2 pic.twitter.com/cBRy3WCd0R
— Lega Pro Official (@LegaProOfficial) June 13, 2022
They earned promotion…
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