MUMBAI: City Football Group (CFG), which owns Premier League champions Manchester City, was Thursday announced as the majority stakeholder of Indian Super League (ISL) club Mumbai City FC.
Though financial terms were not divulged, CFG now holds a 65% majority stake in the club, while co-owners Bimal Prekh and Ranbir Kapoor retain the remaining 35% shares.
It bears noting that during Mumbai City FC’s extended talks with CFG for a stake sale, media reports had put the club’s valuation at Rs 2.5 billion.
Confirmation of the acquisition was revealed here Thursday by CFG chief executive officer Ferran Soriano, together with chairperson, Football Sports Development Limited and Reliance Foundation, Mrs 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.
The new owners also formed the City Football Group India (CFGI), to be helmed by Damian Willoughby as the CEO. Willoughby, currently CFG senior vice-president of Partnerships, will be relocating from Singapore to Mumbai in the coming weeks. CFG also appointed Ajin Abraham, currently CFG’s senior commercial manager, as CFGI commercial director. Abraham, who is currently stationed in the UK, will be moving to Mumbai in February.
It bears noting that the CEO of Mumbai City FC is Indranil Das Blah. What his new role will be at the club is yet to be announced.
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 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.
CFG CEO Soriano said: “We have been looking at this (investment in India) for years. We have been looking at football in India and this league (ISL) for years, have been sending people to come here and watch matches. I came myself watched many games here and we are now convinced about the bright future for football in India.”
Chairman of CFG, 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.
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.”
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 CFG and thank them for their interest and belief in Indian football. I am sure Mumbai City and Indian football will benefit greatly from this historic partnership,” she added.
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