City Group complete Palermo takeover | Could Pep manage them?Manchester City's owners City Football Group have acquired an 80 per cent stake in Italian Serie B side Palermo - the 11th football club in their stable.The news was confirmed at a press conference in Palermo on Monday with Manchester City CEO Ferran Soriano and former owner Dario Mirri, who retains a 20 per cent stake in the club and will stay on as president.Soriano said CFG's long-term plan for Palermo is to achieve promotion back into Serie A, from which they have been missing since 2019, and suggested Pep Guardiola could coach the club one day."Our goal in the next few years will be to get into Serie A," Soriano said. "It's ambitious but this club needs Serie A and it won't be easy because we'll need hard work. Palermo is joining a family today."[Pep] Guardiola asked me if Palermo enjoys a lot of sunshine, maybe to come and work here one day. He knows about everything we do and knows Italian football really well - he's delighted with this news, like many others."Mirri said: "I'm proud and happy to pass Palermo onto the best possible pair of hands. City Group are the best, financial aspects aside they will give us a better organisation and future."Sky in Italy first reported CFG's interest in the Sicilian club earlier this year, before talks over a potential takeover started in April.Palermo were playing in Serie A as recently as 2017, but went bankrupt in 2019 and were relegated to Serie D, the fourth tier of domestic football.They have since secured two promotions in three years, the last of which came in June when they won the Serie C play-offs after a third-place finish during the regular season.Palermo nurtured an array of talent in their recent history including Edinson Cavani, Paulo Dybala, Javier Pastore, Andrea Belotti and Luca Toni.Palermo are CFG's first club in Italy - with their flagship sides including Man City in England, New York City in the USA, Girona in Spain, Lommel in Belgium and Troyes in France.They also own Montevideo City (Uruguay), Sichuan Jiuniu (China), Mumbai City (India), and a 20 per cent stake in Yokohama Marinos (Japan).