Sport Capital Group acquired Palermo Football Club.

Sport Capital Group acquired Palermo Football Club, an Italian football club in Palermo, the capital of Sicily, presently playing in Serie B of the Italian Football League. Financial terms were not disclosed. Following events in recent weeks that have prevented the Company’s relaunch of US Citta di Palermo, the Company has decided to accept a proposal to sell for a nominal value Palermo Football Club SpA, US Citta di Palermo SpA and Mepal Srl, to a group led by the historic management team, dott.ssa De Angeli. Loan notes and debts associated with the transaction structure will be settled at the same time. Sport Capital Group said, “After extensive consideration, Sport Capital Group has agreed the sale of the football club Città di Palermo. Following discussions with investors and the results of further due diligence, the Board decided that the club would be better suited to another owner. We are confident the new owners will be able to take Palermo forward successfully and are well suited to running the club.”