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City Football Group buy majority stake in Palermo FC

It’s official: Earlier today City Football Group announced it acquired a majority stake in Palermo FC, a legacy club that was recently promoted to Italy’s Serie B. Palermo will be the 12th club in CFG’s ever-expanding portfolio.

The announcement confirms whispers circulating in Italian media that CFG was courting the historic if often dysfunctional organization. Hudson River Blue first reported the potential sale on May 3, and the impending sale on June 16. Reportedly, CFG purchased an 80% stake in the club for just €6 million ($6.25 million).