Like many wealthy jet-setters, City Football Group are looking to buy a place on the Italian coast.
La Gazzetta dello Sport reports that CFG are in the last stages of negotiating a controlling interest in Palermo FC, the legacy football club that has been mismanaged in recent years and currently competes in Italy’s Serie C. According to the article, CFG will purchase an 80% share of the club for just €6 million ($6.3 million). The parties are said to be in the due diligence phase that precedes finalizing and signing the agreement.
Palermo date their founding to 1900, when a group of Italian and English amateurs established the Anglo Palermitan Athletic and Football Club.