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Palermo to be taken over by Manchester City owners

Palermo

Palermo is set to become the 11th club owned by the City Football Group. The Italians are to be sold at a price of €13 million.

Erling Haaland’s €60 million transfer to City is still wet in writing, but the club’s owner, Nasser Al-Khelaifi is about to acquire ex-Serie A team, Palermo, for what may turn out to be a steal. This shows the intent of City Football Group in wanting to make more money out of football.

Palermo: A brief intro

The Italian club has played in 5 Europa Leagues and has a significant place in Serie A. In addition, the side has produced great talents like Gianluigi Buffon, Fabio Cannavaro, and Edinson Cavani.

However, in 2019 the club’s financial problems saw a debt of €22 million be cleared. Sadly they weren’t able to stabilize the team and saw relegation to Serie D. On the other hand, the club’s rise back to Serie A is truly fascinating.

Somehow after securing a spot in Serie B, Palermo was stagnant in mid-table by the end of 2019. The turn of events came when Silvio Baldini took charge as a manager and put the team in Serie C’s play-offs. From there came the ticket to Italy’s top-tier football competition, Serie A.

City Group’s intentions

The City Football Group led by the Qatari businessman, Nasser Al-Khelaifi, owns a total of 11 football teams with Palermo included. They own Mumbai City FC, New York City FC, Melbourne City, Lommel, Sichuan Jiuniu, Montevideo City Torque, and Yokohama F. Marinos. Above all, buying Palermo FC for €13 million would just add to their shopping list of football teams over the years.

Palermo is among a large and accomplished firm. In conclusion, the side will undoubtedly have its finest chance to become a serious competitor in Italy after 1900. Even if Manchester City is unquestionably CFG’s star and the other teams often orbit around them.

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