Official: City Football Group buy majority stake in ISL outfit Mumbai City

The group based in the United Arab Emirates has bought a 65% stake in the Islanders.

In May 2019, Khel Now exclusively told you that City Football Group (CFG), the owners of Premier League champions Manchester City were set to buy a majority stake in Indian Super League outfit Mumbai City FC. Today, the news which we broke months ago on your "Home of Indian Football," has been made official by the league. City Football Group 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, who combined will hold the remaining 35% shares. Completion of the investment remains subject to the approval of certain football bodies. News of the acquisition was revealed today in front of the club’s fans by CFG's Chief Executive Officer, Ferran Soriano together with Chairperson, Football Sports Development Limited and Reliance Foundation, Nita Ambani. [KH_ADWORDS type="3" align="center"][/KH_ADWORDS] The deal will see Mumbai City FC benefit from the group’s commercial and football knowhow, whilst at the same time delivering a new and exciting element to CFG's global commercial platform. The acquisition of the Islanders, makes them the eighth club in CFG's portfolio of clubs spread across Europe, Asia and South America. Top sources close to the development have told Khel Now that the deal, which has been in the works for most of the year, was held up as the parties involved navigated the country's complex tax regime. It is believed that CFG were keen to make their latest acquisition official before the start of the ongoing campaign and have been involved in the decision-making at the club, including on and off-field recruitment, since the summer. Earlier this year, CFG said it has been looking at India for over two years and that it hoped to complete a deal to buy a club in the world’s second-most populous nation by the end of 2019. In summer 2018, two CFG clubs, Girona FC and Melbourne City FC, had participated in a pre-season tournament featuring Indian club Kerala Blasters in Kochi. CFG’s operations will now include eight 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 a fifth straight 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, 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.” [KH_RELATED_NEWS title="Related News | Article Continues Below "][/KH_RELATED_NEWS] As part of the announcement, CFG also appointed Senior Vice-President of Partnerships, Damian Willoughby, as Chief Executive Officer of City Football Group, India. Willoughby will be relocating from Singapore to Mumbai in the coming weeks. The association could prove a game-changer not only for the Islanders, but also for Indian football at a broader level. For, knowing the might and financial strength of CFG, the investment will be a substantial one. Apart from the Manchester club, the group already has some well-known teams in its portfolio, having shares in New York City FC (USA), Girona FC (Spain), Melbourne City FC (Australia), Yokohama F. Marinos (Japan) and Atletico Torque (Uruguay).