According to multiple reports in Italy, City Group have completed Palermo’s takeover and the new board of directors will be unveiled next week.

Manchester City owners have reached an agreement to acquire a majority stake in the club for circa €13m plus bonuses, reports Sky Sport Italia.

According to the report, the club’s new owners have already set a budget for the next seven years as they have a long-term project to bring Palermo back to the top of Italian football.

The Rosanero have just earned promotion to Serie B by beating Padova in the Serie C playoffs.

Former president Dario Mirri will remain at the club as a minority shareholder and will hold a press conference on Monday, July 4, at 11 am local time to unveil the new board of directors.

According to the report, City Group CEO Ferran Soriano will also attend the press conference to explain the plans for the future of the club.

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