Manchester City owners 'agree deeds to buy Palermo in €13m takeover'

Manchester City's owners are on the verge of adding Palermo to their rich football portfolio after agreeing a €13million takeover with the Italian side, according to reports.

The City Football Group (CFG) already owns an empire of clubs worldwide including MLS side New York City and Australian outfit Melbourne City.

Palermo chief Dario Mirri reportedly held talks with the leaders of CFG in Milan on Friday morning and agreed to part with 80% of the football club's shares for a fee in the region of €13m.

According to Italian newspaper Giornale di Sicilia, Mirri will stay as club president with a remaining 20% share.

Palermo, who suffered bankruptcy in 2019 before being reformed as a phoenix club in Italy's fourth tier, is set to become the eleventh football franchise in CFG's lavish portfolio.

Once a solid Serie A outfit, the Italian side used to attract star talent to the Stadio Renzo Barbera, including the likes of Edison Cavani, Paulo Dybala, Andrea Barzagli and Andrea Belotti.

After suffering relegation from the top flight in 2016-17, Palermo spent two years in the second-tier as financial complications set in.

Following ejection to Serie D in 2018-19, the Rosanero were instantly promoted to the third-tier and have since reclaimed their spot in Serie B ahead of next campaign.

The Sicilian club reportedly attracted crowds of more than 31,000 whilst in Serie C last season, demonstrating the club's potential to Sheikh Mansour and the rest of Manchester City's owners.

Palermo have also reached the Coppa Italia finals three times during their history.