City Football Group add Mumbai City to portfolio

28 November 2019 | Clubs & Rightsholders
City Football Group add Mumbai City to portfolio
City Football Group (CFG), the owners of Premier League champions Manchester City, have added Indian Super League outfit Mumbai City FC to their global portfolio of soccer clubs.

CFG representatives are currently in India undertaking a trophy tour and have now confirmed the acquisition of a majority 65 per cent stake in the top-tier Indian club. Former co-owners, Bollywood actor Ranbir Kapoor and chartered accountant Bimal Parekh, retain a combined 35 per cent of the remaining shares.

The deal sees Mumbai City become CFG’s eighth club, joining the likes of Major League Soccer’s (MLS) New York City FC and A-League side Melbourne City FC. Most recently, the group purchased third-tier Chinese club Sichuan Jiuniu FC.

CFG Chairman, 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."

As part of the announcement, CFG has also moved Damian Willoughby from his role as Senior Vice President of Partnerships to become CFG India Chief Executive, which will see him relocate from Singapore to Mumbai in the coming weeks.

CFG hinted at their interest in acquiring a club in India in May when they partnered with local agency Kwanabler, which specialises in end-to-end support for sports, media and entertainment brands, companies and investors looking to gain a foothold in the Indian market.

The purchase come in the same week that CFG announced a US$500 million equity investment from Silicon Valley firm Silver Lake in a deal valuing the group at US$4.8 billion.

Once closed, the transaction will see Silver Lake secure a stake of just over ten per cent in CFG, which plans to utilise the investment to fund international business growth opportunities and develop its technology and infrastructure assets.

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