Manchester City’s owners have added Italian outfit Palermo to their extensive network of clubs.
The City Football Group announced on Monday they had acquired a majority stake in the Sicilian side, who won promotion to Serie B last season.
Palermo become the 11th club fully under the CFG banner after City, New York City, Melbourne City, Yokohama F Marinos, Montevideo City Torque, Girona, Sichuan Jiuniu, Mumbai City, Lommel SK and Troyes.
The investment could enable Palermo to continue their recent revival after years in the doldrums.
Palermo were relegated from Serie A in 2017 and were then forced to reform in Serie D after going bankrupt in 2019.
Dario Mirri, who has overseen the club’s rise from the fourth tier, will remain as president and chairman.
CFG chief executive Ferran Soriano said: “Palermo is a great and historic club with a strong and proud identity.
“We will work with Dario Mirri to continue his outstanding work to grow Palermo sustainably over the years ahead. 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.”
CFG was formed in 2013 as City owner Sheikh Mansour looked to expand his presence in the game.
Mirri said: “We are so very happy to welcome City Football Group to Palermo. We wanted to find the right investor with a deep knowledge of football to help to continue to take us forward. We have that in CFG.”