City Football Group (CFG) has confirmed a deal to acquire a majority stake in its eighth club, Indian Super League side Mumbai City FC.
The investment marks a major move into Indian football for the group, of which it had been eyeing for some time.
As part of the agreement, which is pending the approval of certain football bodies, CFG will become the 65% majority shareholder of the Club, alongside existing shareholders, acclaimed actor and film producer, Ranbir Kapoor and Bimal Parekh who combined will hold the remaining 35% of shares.
Commenting on the acquisition and the opportunities it brings to all parties, Chairman of City Football Group Khaldoon Al Mubarak 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.
“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.”
Mumbai City FC plays its 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.
The move bolsters CFG’s growing portfolio of clubs, with it already owning 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.
Welcoming the City Football Group to the Indian Super League and Indian Football, Nita Ambani 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.
“On behalf of all Indian football stakeholders, I welcome City Football Group and thank them for their interest and belief in Indian football. I am sure Mumbai City FC and Indian football will benefit greatly from this historic partnership.”
The deal follows the news that United States-based Silver Lake made a £389million million equity investment into the CFG.
InsiderInsight: The deal boosts the growing portfolio of clubs as the CFG looks to enhance its global footprint, the group now has significant stakes in clubs in each part of the world and as a group is becoming a powerhouse within football.