Finance guru: Man City have pulled off ‘surprise’ £12m deal – ‘it’s a bargain’
Man City have pulled off a “bargain” deal with their parent company’s acquisition of Palermo.
That is the view of finance expert Doctor Dan Plumley, speaking exclusively to Football Insider about City Football Group’s “surprise” takeover of the Italian club.
The Sun reported on Monday (4 July) that they have made Palermo the 11th club in their portfolio.
It is understood that the final price paid for the majority stake stood at £11.5million.
The news comes just a few weeks after City Football Group failed in their bid to buy NAC Breda following a backlash from fans of the Dutch side.
Plumley claimed that the collective’s pivot from the Eerste Divisie outfit to Palermo was unexpectedly quick.
“I think it’s a bargain price given the profile of the club,” the Sheffield Hallam University expert told Football Insider’s Adam Williams.
“If you compare it to some of our second-tier clubs, you wouldn’t be able to buy those for the same price. It’s a really good bit of business, and it’s pocket change for City Football Group themselves.
“We said that they were going to regroup after missing out on NAC Breda and move on to the next target. It’s a bit of a surprise in that this has come around even quicker than expected.“
Palermo were promoted to the second tier of Italian football in 2021-22.
They were in Serie A as recently as 2016-17.
In other news, Man City hailed by pundit for “taking risk” after ‘brilliant’ confirmed news by Government.