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Man City owners buy Palermo as City Football Group portfolio expands to 12 clubs

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City Football Group (CFG) have acquired a majority stake in Italian club Palermo. Now operating in Italy's second division - Serie B - Palermo are CFG's 12th addition to their portfolio.

Manchester City are their main focus, but the likes of New York City FC and Girona have also benefitted from their investment on and off the pitch.

CFG'S chief executive, Ferran Soriano, has been discussing the purchase and what they hope to bring to the football club in the future.

As reported by Business Live, he said: "Palermo is a great and historic club with a strong and proud identity. ALSO READ: Man City announce Kalvin Phillips signing and confirm midfielder's shirt number We will work with Dario Mirri to continue his outstanding work to grow Palermo sustainably over the years ahead.

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