The media in Italy are reporting this afternoon that the work is done and the bosses of Manchester City are now also the owners of the Italian Palermo.
According to information, the documents for the deal worth 13 million euros were signed this afternoon. This will make Palermo the 11th club of Sheikh Mansour and City Football Group.
For the mentioned 13 million euros, “City Football Group” will receive about 80% of Palermo, and the remaining 20% will be kept by the current owner Dario Miri, who will continue to be the president.
The major financial problems in Palermo began in 2019, the club then went bankrupt and was relegated to the fourth division, and this season managed to win promotion to Serie B.