The Rebirth Of Palermo FC And Its Impending Financial Takeover
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For the majority of its history, Palermo FC has bounced between the top two divisions in Italy and has given many great stars their big break. After a financial meltdown, demotion and subsequent rebirth, the club now finds itself back in the second division and, potentially, under new ownership.
Look what it means to the most historic side in southern Italy - Palermo.Once in Serie A, expelled to Serie D due to financial issues + formed new phoenix club. Now back up to Serie B from Serie C.
— Sacha Pisani (@Sachk0) June 13, 2022
Luca Toni, Paulo Dybala and Edinson Cavani all called Palermo home early in their careers before they were swept up by bigger clubs on their way to global stardom. Palermo competed in Serie A as recently as 2017, but in recent years the club has fallen under some tough times after the Italian soccer federation noticed some financial irregularities as well as an incorrectly submitted standard application to compete in the Serie B.
The club was excluded from all competitions in Italy and a new phoenix club was created to take the spot of what was Palermo FC.
List of Palermo players over the years:Edinson Cavani
— William Hill (@WilliamHill) June 27, 2019
Starting in the fourth division in Italy, Palermo began its climb back in 2019 as it secured promotion to the Serie C in its first season. The following year in the Serie C was not as rewarding, as the club missed out on promotion in the third round of an extremely complicated promotion playoff at the hands of Avellino.
Palermo FC 2020-21 profileAfter winning their Serie D Group, the Rosanero will be eyeing a second consecutive promotion. The western Sicilian side has acquired an experienced tactician and made some decent signings. pic.twitter.com/qkXidAvAo3
— Sicilian Football (@SicilianCalcio) September 21, 2020
Palermo made a strong run in its second season, spearheaded by Matteo Brunori, a 27-year-old forward on loan from Juventus. Brunori led the Serie C with 25 goals and then added a further four during their run through the promotion playoffs, including three in the semifinal and final matches.
After defeating Padova 2-0 on aggregate in the playoff final, Palermo finally was back to the professional level after a three-year hiatus, and its return attracted some serious attention.
Multiple sources have reported that City Football Group have reached an agreement to purchase 80% of Palermo FC. pic.twitter.com/dbXK6CyM1t— Italian Football TV (@IFTVofficial) June 16, 2022
On May 15, 2022, Sky Sport Italia reported that negotiations regarding a majority takeover between Palermo and the City Football Group were advancing and an announcement was to be expected any day. The City Football Group controls many elite clubs in leagues around the world such as Manchester City FC and New York City FC, among others.
This new funding could be a tremendous opportunity for Palermo as the club begins its new life at the professional level and looks to properly rebuild and return to the pinnacle of Italian soccer, just years after being at the bottom.