Formed in 2013, the City Football Group (CFG) is the owner of some of the biggest football-related projects around the world.
The people in charge of the organisation are primarily focused on the success and growth of Manchester City, but they are seeing massive progress in other areas.
Most notably, last season, New York City FC – one of the Blues’ sister clubs – won their maiden MLS Cup on penalties against the Portland Timbers.
Alongside City and New York, the CFG now have major stakes in a lot of clubs across the globe – including Melbourne FC and Girona.
Their ultimate aim is to improve the fortunes of the football clubs on the pitch, but are also encouraging development and employment off it.
Now, according to Gianluca Di Marzio from Sky Sports, Italian side Palermo are the eleventh club to now be owned by the CFG, after an agreement was struck earlier this week.
After becoming a staple of Italian football, Palermo went bankrupt in 2019 after serious financial difficulties.
They had to reform as a phoenix club soon after and start again in the fourth division – the bottom tier of professional Italian football.
After earning promotion to Serie C, Palermo booked their spot in Serie B earlier last month after a 2-0 win over Padova in the play-off final.
Their historic rise continues and they will now – with better financial backing – hope to return to the top flight of Italian football in the near future.
According to Goal, the takeover has cost the CFG between €12 million to €13 million for a total 80% stake.
Despite currently lying in the lower divisions, Palermo still attracts a huge crowd – with attendances over 31,000 still flocking to the Stadio Renzo Barbera every week.
In his annual end of season interview, Manchester City chairman Khaldoon Al Mubarak provided us with an insight into the CFG’s latest business.
“I think that the business of football and the business of CFG has been validated as the right development,” he began.
“I think people are now following that, and there’s no better compliment to show that you’re on the right track than when other people are following suit.
“But it’s not just about the financial side of it, it’s also about the footballing side of it.
“Does the football work? Are we able to emulate the success that we’ve had in Manchester in these clubs around the world?
“And the answer is an absolute yes. You look at what we’ve achieved this year, as an example.”