Manchester City owners, the City Football Group, are looking to expand their empire with the reported takeover of Palermo.
According to a report from Sky Sports Italia, the City Football Group has entered an intense negotiation to take over the ownership at Palermo.
The UAE-backed group is the primary stakeholder in multiple football clubs across the globe. The list includes England’s Manchester City, USA’s New York City FC, Australia’s Melbourne City FC, India’s Mumbai City FC, France’s ES Troyes AC, and several other clubs from across the world.
Their potential takeover of the Italian club will reportedly be their first bit of heavy investment in Italy. The negotiations for the purchase of Palermo began some time ago, but the talks have recently gathered pace amid Palermo’s bid to qualify for Serie B next season.
Currently playing in Serie C, Palermo are preparing for the play-offs. The City Football Group will reportedly pay an amount of around €7-8million to buy the Sicilian side. The said new owners want to complete the deal as soon as possible as they want to take the club’s charge before the start of the 2022/23 campaign.