 has agreed a deal to acquire a majority stake in its eighth club, Mumbai City FC in the Indian Super League marking a major move into Indian football. CFG will become the 65% majority shareholder of the Club alongside existing shareholders. Accl){kind=link}
CFG agrees deal to take 65% majority stake in Mumbai City FC
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 marking a major move into Indian football. CFG
will become the 65% majority shareholder of the Club alongside existing
shareholders. Acclaimed actor and film producer Ranbir Kapoor and Bimal Parekh
combined will hold the remaining 35% of shares. Completion of the investment
remains subject to the approval of certain football bodies.
News of the acquisition was revealed 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. 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 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.
CFG, the world’s leading private owner and operator of
football clubs, 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 8 football clubs and
football related businesses in 13 offices around the world. The Group has
expanded significantly since its inception in March 2013 and now employs more
than 2,000 staff and has more than 1,500 footballers who play over 2,500 games
every year. Through its Cityzens Giving campaign, CFG has also supported
community programmes spanning six continents, including Mumbai in its 2019
edition.
The announcement comes in a busy period for CFG. Just prior
to closing this deal to acquire Mumbai City FC, the Group confirmed a new
equity investment from Silver Lake, a global leader in technology
investing, valuing the Group at $4.8bn. Last week also saw
Manchester City FC release its annual report with record revenues and fifth
continued year of profits, at the same time as representatives visited India as
part of the Club’s trophy tour.
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.”
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.”
As part of the announcement, CFG also appointed Senior Vice
President of Partnerships, Damian Willoughby, as Chief Executive Officer of
City Football Group India. Damian will be relocating from Singapore to Mumbai
in the coming weeks.