ISL: Manchester City’s owners acquire majority stake in Mumbai City FC
By Team Newsable | First Published Nov 28, 2019, 4:53 PM ISTManchester City owners CFG will become the 65% majority shareholder of the Mumbai City FC club, alongside existing shareholders, Bollywood actor and film producer, Ranbir Kapoor and Bimal Parekh who combined will hold the remaining 35% of shares
Mumbai/Manchester: City Football Group (CFG) has agreed a deal to acquire a majority stake in its eighth club, Mumbai City FC in the Indian Super League (ISL), marking a major move into Indian football.
CFG will become the 65% majority shareholder of the club, alongside existing shareholders, Bollywood actor and film producer, Ranbir Kapoor and Bimal Parekh who combined will hold the remaining 35% of shares. Completion of the investment remains subject to the approval of certain football bodies.
Latest Videos
News of the acquisition was revealed on Thursday (November 28) in front of the club’s fans by CFG chief executive officer, Ferran Soriano together with chairperson, Football Sports Development Limited and Reliance Foundation, Nita Ambani.
City Football Group (CFG) agree deal to take 65% stake and become the majority shareholder in 📜✒
pic.twitter.com/6gRAxmtowU
The deal will see Mumbai City FC benefit from the Group’s commercial and football know-how, whilst at the same time delivering a new and exciting element to the CFG global commercial platform.
Mumbai City FC play their home games at the 8,000 capacity Mumbai Football Arena, which sits within the Andheri Sports Complex, a multi-purpose sports facility. The team is currently five games into the sixth ISL season.
CFG, the world’s leading private owner and operator of football clubs, which is best known for its ownership of English Premier League Champions, Manchester City FC, also comprises New York City in the US, Melbourne City FC in Australia, Yokohama F. Marinos in Japan, Club Atletico Torque in Uruguay, Girona FC in Spain and Sichuan Jiuniu FC in China.
CFG’s operations will now include eight football clubs and football related businesses in 13 offices around the world.
Welcoming the City Football Group to the Indian Super League and Indian Football, Nita said, “It’s a landmark occasion that celebrates the remarkable rise of Indian football and brings to life our vision for the beautiful game in India.”
“It is a great endorsement of the increasing appeal of Indian football and for all football fans in India, this is a moment to take pride in our football, our culture and the opportunity we present to the world in developing the sport. The power and potential of our youth makes India the most exciting global opportunity in the world today, in every field, and especially in sport,” she added.
Commenting on the acquisition and the opportunities it brings to all parties, Chairman of City Football Group Khaldoon Al Mumbarak said, “We believe that this investment will deliver transformative benefits to Mumbai City FC, to City Football Group and to Indian Football as a whole. City Football Group is committed to the future of football in India and to the potential for Mumbai City FC within that future.”
He added: “We are very much looking forward to playing an active role in Mumbai City FC’s fan and local communities, and working with our co-owners to further develop the Club as quickly as possible.”
subscribe to Asianet Newsable WhatsApp channel by clicking here. For more reliable and latest news
subscribe to Asianet Newsable Telegram channel by clicking here.